Invest KOREA

The Korea Trade-Investment Promotion Agency (KOTRA) has worked with the Korea Legislation Research Institute (KLRI) to make available an English version of the Special Taxation Restriction Act and the Enforcement Decree of the Special Taxation Restriction Act, both of which were revised earlier this year. Based on the revision, the the focus of tax exemptions has been shifted from 'advanced technologies across all manufacturing industries' to 'new growth industry technologies.' The English version was created in order to provide accurate information to foreign companies that hope to invest in Korea.

The Special Taxation Restriction Act was revised in January 2017 to reinforce efforts to attract investment in promising new growth industries in step with the fourth industrial revolution. As such, companies that invest in 36 sub-sectors of 11 designated new grow industries (future vehicles, intelligent information technology, next-generation software and security, content, next-generation electronic information devices, next-generation ICT, bio and health, new energy and environment, convergence materials, robotics, aerospace) are now eligible for tax benefits.

The English version of the revised Special Taxation Restriction Act will be accessible online starting Monday, August 21. A link at the bottom of the Invest KOREA website directly connects to the the Statutes of the Republic of Korea website (http://elaw.klri.re.kr).

Source: Invest Korea (Aug. 21, 2017)