SME Minister: “We will present the SME sector’s position on the family business inheritance tax deduction in November”

[Financial News] Lee So-young, Minister of SMEs and Startups, said the SME sector’s position on the government’s plans to tighten the requirements for the family business inheritance tax deduction would be conveyed at the tax subcommittee next month.
The minister made the remarks at the comprehensive audit of MSS conducted by the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee on the 23rd, saying, “We have completed an initial round of consultations with the Ministry of Economy and Finance (MOEF), asking it to include MSS as an ex officio member of its public-private review committee on the family business inheritance tax deduction.”
In August, MOEF announced a plan to revise the family business inheritance tax deduction, extending the required period of business management by the deceased from 10 years to 30 years and the post-inheritance monitoring period from 5 years to 10 years.
Asked about progress in improving public delivery apps, the minister explained, “Regulating fees charged by private delivery apps could face certain legislative constraints, so policies to promote competition are needed. There are 12 public delivery apps with fees below 2%, and we plan to select some of them for focused support and help them become more competitive.”
Asked about a cap on delivery app fees, the minister replied, “There is bound to be debate. A cap could be set, but as a first step, it is necessary to identify small-scale self-employed businesses or specific segments and limit the rate of increases.”
[email protected] Kim Hyun-chul Reporter