On Nov. 5, SK Tax issued tax support for companies creating jobs.
SK Tax announced tax support for SME companies with suitable job creation plans.
Overview of Tax Support
Eligible companies are SMEs pursuant to the Act on restriction on special cases concerning taxation, with an income of KRW 150bn or less in financial year (FY) 2023.
Which submit, implement a job creation plan with the intention of increasing permanent workers by over 2% for firms with revenue of less than KRW 50bn in 2023 or over 3% for those with revenue of KRW 50bn-150bn in 2025.
Excluded are those whose name has been made public by SK Lab as employers who have not paid their employees' wages as per article 43-2 of the Labor standards act.
Businesses which were involved in tax delinquency, tax evasion, fraudulent accounting settlements or submitted a plan before but did not increase at least one employee.
As well as sole proprietors who are subject to confirmation of sincere reporting but have not submitted a certificate of sincere reporting will be excluded from tax support.
Eligible companies will be excluded from regular tax audits for corporate tax and comprehensive income tax for FY2023 as part of tax support measures.
