Korea Federation of Micro Enterprise and Tax Accountants partner to support small businesses

The Korea Federation of Micro Enterprise and the Korean Association of Certified Public Tax Accountants have signed a memorandum of understanding to strengthen the social safety net for small business owners and micro-enterprises. This agreement marks a comprehensive overhaul of their existing partnership, which first began in 2007.

A primary focus of the collaboration is the revitalization and digitalization of the Yellow Umbrella Relief Program. To improve accessibility, the organizations will move away from paper-based processes, instead providing approximately 17,000 to 18,000 tax accountants with unique mobile links to facilitate non-face-to-face enrollment for their clients.

Additionally, the two entities will work together to identify and propose improvements to tax laws and administration based on the practical difficulties faced by small business owners in the field. The Yellow Umbrella Relief Program provides benefits such as annual income tax deductions of up to 6 million won, compound interest on contributions, and legal protection against the seizure of funds during business closures or retirement.