National Tax Service Strengthens Tax Filing Support for Young Entrepreneurs

[Economy 365]

The National Tax Service (NTS) has announced "Startup Tax Care," a support initiative designed to ease the tax filing burden for young entrepreneurs.

The program is aimed at business owners aged 15 to 34 who have been in operation for less than two years.

The NTS plans to verify whether deductions and exemptions are accurately reported during the comprehensive income tax filing process and provide guidance on necessary corrections to help reduce the burden of additional taxes.

The verification of deduction and exemption claims applies to businesses with annual revenue of less than 150 million won in the manufacturing sector, and less than 300 million won in the agriculture, forestry, and fisheries sectors.

In addition, the NTS will operate tax classes in cooperation with 17 startup one-stop support centers across the country.

Companies that complete the training will be given priority for deduction and exemption consulting, and will also receive guide materials containing key filing schedules and basic tax law information upon business registration.

Furthermore, for new business owners who have been registered for one to two years, the NTS plans to send text message notifications regarding filing deadlines that are easily overlooked, such as withholding taxes.

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