South Korea Exempted Blockchain Companies from Taxes

The government of South Korea has announced that it will provide “tax holidays” for companies, which work in blockchain industry, in order to ginger up innovations` development.

South Korea Exempted Blockchain Companies from Taxes - BTC dobler news
South Korea Exempted Blockchain Companies from Taxes – news

It’s informed that blockchain became one of 16 spheres, which Asian country’s government decided to exempt from taxes. Also, from taxes are free such companies that develop technologies for reducing dust load and wearable robot technologies.

“Proposed relief for the tax legislation comes in force in February this year already”, – Minister of Strategy and Finance of South Korea said.

Tax relief will let small companies decrease their development and production costs at 30%-40%, and large corporations will be able to save from 20% to 30%. notes that South Korea expresses true concern to the distributed registry technologies. For example, in last September Vice Minister of Science and Information Technology Min Won-ki held the meeting with representatives of some blockchain start-ups and expressed government’s support. At the same time, the Ministry of Science and Technology of South Korea launched lectures about blockchain technologies.

In the end of last year South Korean blockchain association announced about its plans to refer to the authorities of the sixth large city in South Korea – Gwangju, with an aim to lobby for the transformation of the city in “specialized area of Crypto Valley”. At the current moment in Korea are concerned six bills about cryptocurrencies regulation.

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