NTS to delay tax audits of smaller firms affected by Japan’s export curbs
South Korea’s tax agency said Aug. 5 it will delay its audits of smaller companies affected by Japan’s export curbs in a move to help them overcome their difficulties in the escalating bilateral trade row.
The National Tax Service said tax audits of companies with annual sales less than 150 billion won ($124.6 million) would be delayed if they suffer damages from the Japanese move.
The tax agency carries out regular tax audits of large companies every five years on average, but the frequency of tax probes may differ for smaller firms.
The tax agency also said it plans to accept smaller firms’ requests to extend a deadline for paying taxes or delay tax payments.
By Ram Garikipati and newswires (email@example.com)