SEOUL, Feb. 13 (Korea Bizwire) — President Yoon Suk Yeol instructed his aides Tuesday to come up with tax benefits and other support measures to encourage companies to formulate birth incentive programs for their employees, his office said. Booyoung Group, a South Korean builder, recently said it will provide employees with 100 million won (US$75,000) [...]
SEOUL, July 11 (Korea Bizwire) — The government is considering expanding tax benefits by increasing the tax credit rate for charitable donations, aiming to encourage larger contributions. According to government sources, the tax credits for substantial donations will be expanded as part of the official economic policy direction later this year. Currently, the government is [...]
SEOUL, May 9 (Korea Bizwire) — South Korea’s finance ministry said Tuesday the government will expand support on the electric vehicle (EV) sector under a new tax code that centers on lending hands to strategic industries amid ailing exports and economic uncertainties. The move came after the parliament passed a bill to offer a tax [...]
SEOUL, Feb. 25 (Korea Bizwire) — The Ministry of Economy and Finance said Thursday that local companies investing in national strategic technologies directly connected with national economy and security will receive tax deduction up to 50 percent of their investments. This year’s tax law revision cleared the way for businesses that make research and development [...]
SEOUL, March 8 (Korea Bizwire) — South Korean consumers are increasingly pulling out their debit cards to make purchases, thanks in part to the income tax deductions their use engenders and attractive loyalty programs, new data from the Bank of Korea (BOK) has revealed. According to the report released by the BOK on Tuesday, spending on [...]
SEJONG, Feb. 26 (Korea Bizwire) – South Korea will decide whether to provide tax benefits for General Motors Co.’s Korean unit after looking into its new investment plans, including the allocation of new models for production, a senior government official said Monday. GM plans to close its underutilized Gunsan factory in the country’s southwest by May, saying it will decide the fate of its three other Korean factories after [...]