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plans to immediately initiate the “Task Force for Improving the Distribution System of Agricultural, Livestock, and Fishery Products” to develop and announce the ‘Strategies to Improve the Distribution System of Agricultural, Livestock, and Fishery Products’ during April. Last but not least, some food industries have reduced product prices recently in response to the recent decline in global grain prices. In light of its sustained fiscal and taxation support introduced during high inflation, the government asked industries to actively participate in alleviating the price burden on the public. Please refer to the attached files.
platform for mutual growth among citizens, businesses, and investors. Furthermore, he stated that efforts have been made to improve the system, including the introduction of domestic investment-type ISAs at the end of January, and greatly increase their non-taxation limit, aiming to facilitate capital inflows into the domestic stock market through ISAs, with expressing its commitment to ongoing review and implementation of additional regulatory reforms. Regarding the relief of inheritance tax burden, he mentioned the need for sufficient discussions based on social consensus, pledging to continue efforts to devise rational solutions. Lastly,...
that of advanced countries. Since January 2023, non-taxation for foreign investors’ government bond investment income has been implemented, and the Investor Registration Certificate (IRC) was abolished starting from December 2023. Furthermore, it will open omnibus accounts for government bonds linked with the International Central Securities Depositories (ICSD) in June of this year, encouraging foreign investors to more conveniently invest in government bonds through Euroclear or Clearstream. As for the foreign exchange (FX) market, trial transactions have been conducted since earlier this year ahead of the official implementation of the...
and consumption. As for the fields of webtoons, web novels, and video production, creator protection measures will be shored up by providing standard contract forms and establishing guidelines for combating malicious comments. With regard to the beauty industry, including skincare and nail polish, the scope of simplified taxation will be expanded starting from the third quarter, aiming to improve employment and business conditions. The wedding industry will see measures to mandate price indication for marriage-related products and services so that consumers can compare prices more easily. The business conditions for SMEs and small business...
They also discussed measures to improve the investment environment for Korean companies in Vietnam. In this regard, DPM Choi asked for Vietnam’s active policy support to address challenges faced by Korean businesses operating in Vietnam, such as raising investment incentives and preventing double taxation. Minister Phoc responded by stating that the Vietnamese government would actively consider the issues raised by the Korean government. The meeting concluded with Minister Phoc's invitation for DPM Choi to visit Vietnam, enhancing the commitment of both countries to continue fostering a strong and cooperative relationship going forward. ...
Deputy Prime Minister Choi Sang-mok attended the Group of Twenty (G20) Finance Ministers and Central Banks Governors Meeting held in São Paulo, Brazil from February 28 to 29. * Session 1: Economic Policies for Inequality Reduction Session 2: Global Economic Outlook and Assessment Session 3: Global Taxation/Financial Cooperation Session 4: Global Debt and Sustainable Development In the first Session, DPM Choi pointed out lack of dynamism as a major cause of inequality and suggested promoting a dynamic economy...
of demand base. To be specific, the “Corporate Value-up Program” will be promoted that encourages companies to make voluntary efforts to enhance corporate value and grow together with shareholders. The government will provide guidelines for the program to boost companies’ voluntary participation and grant incentives or taxation support for outperforming companies; devise a wide range of tax support for companies that enhance their corporate value and increase shareholder returns; reflect companies’ value-up measures in the stewardship code for institutional investors such as the national pension to consider when making investment decision...
plans to develop the TOR for the convention by taking into account the needs of developing countries while also balancing the interests of both developing and developed countries in the discussions on international tax cooperation. Following Korea’s joining of the board of the OECD’s Committee on Fiscal Affairs, its involvement in the UN Framework Convention on International Tax Cooperation as a vice-chair of the ad hoc intergovernmental committee is deemed as a significant elevation of the nation’s global status in the field of international taxation, playing a pivotal role as a rule-setter. Please refer to the attached files.
The Enforcement Decree of the Restriction of Special Taxation Act stipulates the detailed technologies, including national strategic technologies and new growth/fundamental technologies, which are subject to the R&D tax credit. R&D tax credit rates (%) Category General New growth/fundamental technology National strategy technology Ratio for the current term Increment Current Revised (2024) Small and medium sized enterprise (SME) 25 50 60 30-40 40-50 Middle market enterprise 8-15 40 50 20-30 (25-40 for KOSDAQ listed companies) 30-40 Major company Up to 2 25 35 20-30 In the Enforcement Rule on the Act on Restriction on Special Cases...
with babies. 1-2. Support small businesses and vulnerable social groups c 1) Reduce the three major burdens on small businesses, along with the support for their sales recovery and enhancing competitiveness. - Promote a support package to relieve the three burdens (energy bills, high interest rates, and taxation) on small businesses by injecting public finances and adjusting taxation criteria. - Buttress small businesses’ sales recovery by expanding eligibility for the New Start Fund. - Bolster companies’ fundamental competitiveness by developing relevant strategies including the ‘measures to improve competitiveness of...