On 5 August 2019, South Korea's National Tax Services announced relief measures for SME's affected by Japan's removal of Korea from its trade white list, which has resulted in restrictions on exports of 159 products to Korea. SME's are generally defined in the notice as companies with annual sales below KRW 150 billion. Relief measures for affected SMEs include:
- Extended reporting and payment deadlines for corporate income tax and VAT, as well as accelerated tax refunds; and
- The …