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South Korea Offers Tax Breaks To Firms Hit By Chinese Sanctions

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

03 October 2017


South Korea's Government plans to permit businesses in sectors affected by sanctions imposed by China to defer corporate tax and VAT payments, it was announced on September 28.

In response to the escalating threat level posed by North Korea, South Korea permitted the US Terminal High Altitude Defense (THAAD) missile shield to be deployed, angering China, which argues that the system's powerful radar capability will be used to spy on Chinese territory.

As a result of the THAAD deployment and subsequent bolstering with additional launchers earlier this year, the Chinese authorities have sought to prevent goods manufactured in South Korea from being sold in China, and have additionally imposed a boycott on Chinese tourism to the territory.

The automobile and tourism sectors are to be among the first to benefit from the ability to defer portions of corporate tax and VAT payments for up to nine months.

TAGS: tax | value added tax (VAT) | Korea, North | corporation tax | travel and tourism | Korea, South | United States | tax breaks

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