Kim Jae-seop, a lawmaker from the People Power Party, stated on September 8 that "now is not the time to increase taxes on small business owners, but rather to alleviate their burdens." He emphasized his commitment to actively pursue tax reform during the National Assembly's tax law review process.
On the same day, Kim listened to the opinions of small business and restaurant industry representatives regarding the government's tax reform proposal and received a petition for improvements aimed at easing tax burdens.
Small business organizations proposed several measures for tax relief, including: the withdrawal of the reduction in credit card sales tax deductions, an increase in the threshold for simplified taxation, and an expansion of income deductions for expenses related to small business operations.
Kim remarked, "Small business owners should not bear additional tax burdens amid high interest rates, rising prices, and sluggish domestic demand," reiterating that "now is the time to reduce tax burdens on small business owners." He added, "I will ensure that the realities faced by small business owners are properly reflected during the National Assembly's tax law review process."
Meanwhile, the business environment for small business owners remains challenging. In July, the Business Sentiment Index (BSI) for small businesses was recorded at 55.6, a decline of 8.0 points from the previous month. According to a survey by the Small Business Association, 53.3% of respondents reported that their business conditions were 'bad,' significantly outpacing the 13.0% who reported 'good' conditions.
* This article has been translated by AI.
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