South Korea blockchain firms get tax relief

South Korea Blockchain

The Government of South Korea has added blockchain to the list of sectors which are eligible for the country’s research and development (R&D) tax credit.

The Ministry of Strategy and Finance announced the proposed blockchain tax credit as part of an enforcement decree of the 2018 tax law, which comes into effect next month.

The move will result in 30-40% of R&D expenses for small blockchain enterprises and 20-30% of R&D expenses for large and medium-sized blockchain enterprises, becoming tax deductible.

In September 2018, the Government of South Korea publicly pledged support for blockchain companies.

Follow Micky on Twitter.

Follow Micky on Facebook.

Following a meeting with blockchain startups, the Second Vice Minister of Science and ICT, Wonki Min, hinted tax incentives for South Korea blockchain firms would be implemented.

“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry,” said Mr Min.

“The government will actively back domestic companies to help them lead the global blockchain market.”

Also on Micky: Indian Bank sends “desperate” Bitcoin letter. Click to read more.

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.