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Friday, April 08, 2005

Increased taxes for small businesses

The basis on which businesses expenses have been acknowledged as tax deductible will become more rigorous, which means that many small businesses will have to pay higher taxes. Also the additional tax (kasanse) for establishments without a proper accounts book (changbu) will be raised from 10 to 20% (from Chosun Ilbo).

The level of income under which a certain amount has been taken as business expenses automatically without documentation will be lowered, for example in the case of realtors, business, education, and social services from 60 million W [45000€] to 48 mil W [37000€].

Even if the number of those eligible for the tansun kyôngbiyul ("simple expense rate") will decrease, some branches of business which have been doing badly will be given a higher rate (which means more of their income will be taken as expenses). Among these are karaokes (noraebang), small accommodation businesses (yôgwan), and pig farming (!).

Hankyoreh tells in turn that small "livelihood type" (saenggyehyông) business keepers in debt trouble are included among those whose situation will be alleviated with the new measures for sinyong pullyangja (forgot what velkaongelmainen is in English). Not that debts would be written off, but additional loans for "getting on ones feet" (charip) will be made available, and loan payments will be delayed by 6 to 12 months. I guess this includes only those who have loans from formal financing institutions, and those owing money to loan sharks and others shall cope with their situation on their own.

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