Small businesses in the so-called "crisis zone" for industry and employment... such as the western city of Gunsan and the southern city of Ulsan,... can now defer payment of their back taxes for up to two years... up from the current one year.
At a Cabinet meeting chaired by Prime Minister Lee Nak-yon on Tuesday… the government endorsed a revision of the country's Framework Act on National Taxes and National Tax Collection Act.
As it stands, cash-strapped small businesses were given a maximum of twelve months to defer payment of their income and corporate tax.
The revised act only applies to businesses in the 'crisis zone' for industry and employment that were stipulated by the government.
Now that it has passed the Cabinet, it will be enforced at the end of the month after President Moon Jae-in gives his final approval.
