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According to Yonhap News,
(BUSAN=Yonhap News) Acquisition tax cuts are introduced in the Busan Research and Development (R&D) Zone to invigorate inno-cluster of R&D based Shipbuilding & Offshore Plant.
Busan Metropolitan Government made a pre-announcement of legislation concerning the tax cuts. The announcement was made to help companies in the zone achieve their goals early and revitalize start-ups in the field of the state of the art technology.
Article 11 for Tax Cuts for High Tech Companies in the Special Zone is newly created and included in the revised.
Tax Cuts will expire on December 31, 2016. The Ministry of Knowledge Economy designated the area as R&D based Shipbuilding & Offshore Plant in December 2012.
sjh@yna.co.kr
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Source: Yonhap News (May. 20, 2014)
** This article was translated from the Korean.