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South Korea Offers Tax Incentives For High-Tech Ventures

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

11 December 2012


In an attempt to upgrade South Korea’s overall technology level and attract foreign direct investment (FDI), newly-revised tax incentives are now being offered to foreigners who invest in state-of-the-art technologies.

From December 4, 2012, FDI in high-tech businesses and related services has been granted corporate, income and acquisition tax incentives. Such investment will obtain a tax exemption from those taxes for the first five years, and a 50% reduction for the two years thereafter.

The revision includes offers of incentives for FDI in an additional 33 new technologies, such as medical robots, large-scale data processing technology and mobile game technology using cloud computing, while removing the incentives offered for 86 technologies, which are no longer regarded as high-tech.

With the revision, related ministries and local governments will also have 20 days to review and approve of tax-incentive applications - an extension of 10 days over the previous law. This change is expected to increase the efficiency of the tax incentive.

TAGS: tax | investment | business | tax incentives | foreign direct investment (FDI) | law | Korea, South | services

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