SEOUL, Aug. 13 (Korea Bizwire) – South Korea’s tax agency said Friday it will temporarily delay tax probes for smaller merchants who have suffered losses due to state orders for business shutdowns or suspensions over the pandemic. The National Tax Service (NTS) said it will suspend tax investigation until the end of next year for [...]
SEOUL, Dec. 23 (Korea Bizwire) — The Seoul city government said Wednesday it is offering 800 billion won (US$721 million) in low-interest loans to small businesses hit hard by the coronavirus pandemic. Acting Seoul Mayor Seo Jeong-hyup unveiled the plan during a press briefing, saying small business owners can apply for up to 30 million [...]
SEOUL, Oct. 8 (Korea Bizwire) — Small merchants in South Korea close up shop nearly six months after their establishment due to mainly falling sales, a poll showed Thursday. The survey of 400 former small merchants across the nation showed that they were forced to go out of business an average of 6.4 months after [...]
SEOUL, Aug. 19 (Korea Bizwire) — Small merchants and local retailers are facing another business setback as South Korea’s stricter social distancing, adopted following a spike in new coronavirus infections, could prompt people to refrain from visiting restaurants and other offline outlets. South Korea has reported nearly 1,300 new cases of COVID-19 in the past [...]
SEJONG, Dec. 27 (Korea Bizwire) — Small business owners in South Korea reported an average operating profit of 34 million won (US$29,264) last year, a survey showed Friday. According to the survey of 2,470 small business owners, conducted by Statistics Korea, they also posted average sales of 235 million won last year. The survey did [...]
SEOUL, Jan. 7 (Korea Bizwire) — Credit-card commission fees for small merchants will be lowered starting next month as the government seeks to ease financial burdens on self-employed business owners, according to officials at credit-card firms Monday. Starting in February, credit-card processing fees for small merchants with an annual revenue of between 500 million won [...]
SEOUL, Jan. 2 (Korea Bizwire) — Small business owners in South Korea may face a bumpy road again this year despite a series of government measures to support them, industry watchers said Wednesday. The year 2018 was one of the worst years for self-employed people in Asia’s fourth-largest economy as they were hit hard by [...]
SEOUL, Aug. 2 (Korea Bizwire) — More than 90 percent of small merchants plan to lay off workers because of the expected minimum wage increase next year that is disapproved by nearly all of them, a survey showed Wednesday. In the survey carried out by the Korea Federation of Micro Enterprise from July 21-28, 92.4 [...]