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 around 2.91 million merchants who received the fourth round of pandemic relief funds.
The government provided up to 5 million won (US$4,300) for small merchants and the self-employed ravaged by the pandemic when it created this year’s first extra budget of 15 trillion won in March.
The NTS has provided similar tax-related benefits for nearly 7 million micro business owners and small firms amid the COVID-19 pandemic.
The agency has suspended tax probes for the self-employed in face-to-face service sectors, including accommodations and retail.