National Tax Service Chief Visits Siwha National Industrial Complex: "Will Prepare and Implement Tax Audit Improvements"

On-site Visit to Companies for Interim Corporate Tax Payment Support
Meeting Held with Resident Companies in the Industrial Complex

On August 29, National Tax Service Commissioner Lim Kwanghyun visited companies located in the Siwha National Industrial Complex, the largest industrial complex in the Seoul metropolitan area densely populated with small and medium-sized enterprises (SMEs), and held an on-site communication meeting with the company representatives.

On this day, Commissioner Lim visited the production plant of Gwangjin Chemical to listen to the difficulties faced by SMEs in the petrochemical sector, which are struggling due to global oversupply issues and tariff-related damages, and to assess the effectiveness of tax support measures. The National Tax Service had previously extended the deadline for the August interim corporate tax payment by two months ex officio, without requiring tax guarantees or application procedures, for approximately 55,400 taxpayers, including auto parts, steel, and petrochemical exporters, to ease their financial burdens.

Lim Chuseop, CEO of Gwangjin Chemical, expressed his gratitude, saying, "We were struggling with funding due to the sluggish business environment, but the National Tax Service's ex officio extension of the interim corporate tax payment deadline has been a great help in managing our finances." In response, Commissioner Lim stated, "Currently, the public and private sectors are working together to revitalize the petrochemical industry," and added, "From the perspective of tax administration, we will actively identify areas where support is needed and provide as much assistance as possible."

Afterward, Commissioner Lim held a meeting with representatives of companies based in the Siwha National Industrial Complex. This meeting was organized to address tax-related difficulties encountered in the field and to explore tax support measures aimed at boosting economic vitality.

Commissioner Lim explained, "The National Tax Service is striving to support the liquidity of operating funds for SMEs facing management difficulties by extending payment deadlines and providing early tax refunds." He emphasized, "We are also working to resolve tax uncertainties and support the growth of SMEs through corporate tax credits and exemptions, tax consulting for business succession, and pre-screening for R&D and human resource development tax credits."

The company representatives attending the meeting proposed: ▲ easing tax audits for SMEs, ▲ abolishing the additional deduction limit (twice the basic deduction amount) for integrated investment tax credits, and ▲ expanding tax benefits for companies located in industrial complexes.

In response, Commissioner Lim stated, "To boost economic vitality and ease the burden on SMEs, we will implement improvements to tax audits, such as minimizing on-site investigations." He added, "For matters requiring legal amendments, we will actively coordinate with relevant ministries to ensure that the voices from the field are reflected in tax administration to the fullest extent possible."