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South Korea Announces Film Tax Breaks

by Mary Swire, Tax-News.com, Hong Kong

21 March 2017


In an effort to boost the national film and television sector in the face of Chinese restrictions on imports from the country, the South Korean authorities have announced new tax breaks for companies operating in the entertainment sector.

Extending a tax break more often associated with manufacturing firms, the Ministry of Culture, Sports, and Tourism revealed on March 17 that under amendments to the Restriction of Special Taxation Act, small film and television companies will be permitted to offset 10 percent of their production costs against their corporate tax bills, medium-sized companies will be able to offset 7 percent, and larger firms 3 percent.

This is retroactively effective for costs from January 2016, and according to reports in the national media, the Ministry expects the measure to create around 6,400 new jobs, and drive USD417m in new investment over the next five years.

TAGS: tax | investment | film finance | corporation tax | manufacturing | Korea, South | tax breaks

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