Gov't rolls out new measures to help small biz owners, the self-employed
- 6 years ago
자영업자 소강공인 부담 완화 및 구조적 문제 대응을 위한 지원대책
In other news, the government will be lending a helping hand to small business owners and the self-employed... who've had to deal with sharp increases in the minimum wage for this year and next.
They'll get tax breaks and lots more... so they can handle the extra labor costs.
Our economics correspondent Kim Ji-yeon has the details.
The measures laid out by the government on Wednesday -- that'll take effect starting next year -- provide financial support equivalent to over six billion U.S. dollars... around two billion dollars more than this year.
To lessen the burden stemming from the minimum wage hikes... the government says it's expanding the job stabilization fund to small businesses with five employees or less from the current 116 dollars to 134 dollars.
The government also says it'll change the threshold for small businesses that'll be exempt from paying value-added taxes in full.
The threshold will rise to 27-thousand dollars of annual sales from the current 21-and-a-half-thousand dollars.
It says it'll expand tax credits -- a program that gives tax refunds to low-income households-- under the Earned Income Tax Credit Scheme... from the current 357-point-8-million dollars to 1-point-2-BILLION dollars.
New recipients in 2019 will be eligible for a 50-percent discount on their health insurance fees... while this year's recipients will receive a 30-percent discount next year.
The government will provide ten percent tax credits on monthly housing rent for diligent small business owners with composite income of less than 54-thousand dollars.
They're also eligible for a 15-percent tax credit for their medical and education expenses for a maximum of three years.
The package also includes a cut in credit card commissions and special loans of less than one-percent for small online business owners and private taxi drivers.
The government also laid out measures to protect franchisees from franchise headquarters engaging in unfair business practices.
It'll also give groups of small businesses the right to recommend a member to be nominated for the Minimum Wage Committee to reflect their views on minimum wage increases.
The government plans to submit the related bills during the August parliamentary session.
Kim Ji-yeon, Arirang News.
In other news, the government will be lending a helping hand to small business owners and the self-employed... who've had to deal with sharp increases in the minimum wage for this year and next.
They'll get tax breaks and lots more... so they can handle the extra labor costs.
Our economics correspondent Kim Ji-yeon has the details.
The measures laid out by the government on Wednesday -- that'll take effect starting next year -- provide financial support equivalent to over six billion U.S. dollars... around two billion dollars more than this year.
To lessen the burden stemming from the minimum wage hikes... the government says it's expanding the job stabilization fund to small businesses with five employees or less from the current 116 dollars to 134 dollars.
The government also says it'll change the threshold for small businesses that'll be exempt from paying value-added taxes in full.
The threshold will rise to 27-thousand dollars of annual sales from the current 21-and-a-half-thousand dollars.
It says it'll expand tax credits -- a program that gives tax refunds to low-income households-- under the Earned Income Tax Credit Scheme... from the current 357-point-8-million dollars to 1-point-2-BILLION dollars.
New recipients in 2019 will be eligible for a 50-percent discount on their health insurance fees... while this year's recipients will receive a 30-percent discount next year.
The government will provide ten percent tax credits on monthly housing rent for diligent small business owners with composite income of less than 54-thousand dollars.
They're also eligible for a 15-percent tax credit for their medical and education expenses for a maximum of three years.
The package also includes a cut in credit card commissions and special loans of less than one-percent for small online business owners and private taxi drivers.
The government also laid out measures to protect franchisees from franchise headquarters engaging in unfair business practices.
It'll also give groups of small businesses the right to recommend a member to be nominated for the Minimum Wage Committee to reflect their views on minimum wage increases.
The government plans to submit the related bills during the August parliamentary session.
Kim Ji-yeon, Arirang News.