The Small and Medium Enterprises Technology Innovation Association (InnoBiz Association) expressed its support on August 9 for the government's tax reform plan, stating, "We deeply resonate with the intention of revitalizing national growth engines and enhancing innovation vitality in small and medium enterprises."
InnoBiz particularly highlighted that the newly established domestic production tax credit will serve as a crucial foundation for bold investments and technological innovations by InnoBiz companies, which are centered on advanced manufacturing, enabling them to grow into global startups.
Regarding the introduction of a gradual tax support structure to promote the growth of small and medium enterprises and the extension of grace periods, the association forecasted that this would alleviate the hesitation that companies face in their growth and contribute to establishing a virtuous growth ladder from small to medium to large enterprises.
On the topic of business succession tax exemptions, InnoBiz positively evaluated the inclusion of specialized skills and know-how in the evaluation criteria, reflecting the value of technology. However, it emphasized the need to adequately gather and incorporate feedback from the business community in future discussions.
InnoBiz stated, "We hope that legislation at the National Assembly will allow InnoBiz companies to innovate freely and achieve tangible results," adding, "The association will also strive for a significant economic leap for an irreplaceable South Korea through super-gap technological innovation alongside global startup InnoBiz companies."
* This article has been translated by AI.
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