The Ministry of Strategy and Finance (MOSF) revised regulations on tax reduction or exemption concerning foreign investment to offer tax reduction to 33 technology sectors, according to the ministry last Thursday.

Under the existing regulation, the government cuts corporate tax, income tax and acquisition tax for foreign investors making investment in high-end technology or industrial support service sectors.

In addition to the two sectors, the revised regulations will include 33 technologies including medical robots, big data processing technology and cloud-based mobile game server technology for tax reduction or exemption.

Except for 86 technologies that are no longer considered high-end technologies, the MOSF modified requirements for tax reduction or exemption of four technologies including production and designing of personal computers and system air conditioning.

The ministry also decided to extend the period to submit opinions for government agencies and local governments from current 10 days to 20 days.

Source Text

Source: Yonhap News (Dec. 6, 2012)

** This is the translation of a Korean article.