Korea's National Tax Service announced this week that it plans to extend tax breaks for companies which launch joint ventures with foreign firms in the small and medium business sector, in order to boost overseas investment.
Speaking to the Korea Times on Monday, NTS Corporate Tax Bureau official, Cho Se-hee explained that:
'We have offered tax cuts only for the portion of local investment so far. From now on, however, the portion of foreign investment will also enjoy the same benefit.'
Under the new program, a joint-venture SME will be afforded additional tax deductions if half of its investment comes from abroad. The introduction of cutting-edge foreign technology will also win businesses more tax breaks, the NTS has revealed.
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