Tax Reduction for Young Entrepreneurs' Small and Medium-sized Enterprises (SMEs); On-line Stores and Others

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The "청년 창업중소기업세액감면" translates to "Tax Reduction for Young Entrepreneurs' Small and Medium-sized Enterprises (SMEs)" in English. This program is designed to support young entrepreneurs by offering tax incentives to newly established SMEs. The main features typically include:

• Eligibility: Targeted at young entrepreneurs who have recently founded SMEs. There might be specific criteria regarding the age of the entrepreneur and the business's incorporation date. For example 전자상거래업(On-line Store without off-line store).

• Tax Reduction: Qualifying businesses can receive a 50-100% reduction in income tax or corporate tax for 5 years from the first sufficit year, often including the first 10 years following the business's establishment.

• Conditions: There may be specific conditions related to the business sector, the size of the enterprise, or employment creation that must be met to qualify for the tax reduction.

• Application Process: Entrepreneurs must typically apply for this tax benefit, providing necessary documentation to prove their eligibility to the NTS.

For detailed information regarding eligibility, application processes, and the exact benefits, it's recommended to consult official government resources or a tax professional familiar with Korean tax laws.