South Korea’s authorities has added blockchain to the fields of analysis and improvement eligible for a tax credit score meant to spice up innovation, English-language native media TheNews.Asia studies on Jan. eight.
The native Ministry of Technique and Finance introduced the proposed adjustments to the enforcement decree of final 12 months’s tax regulation, which will likely be enforced in February. The proposed amendments additionally embody among the many eligible fields wearable robots and nice mud discount know-how.
In line with the aforementioned article, a results of this modification will likely be that 30 to 40 p.c of the analysis and improvement bills of small enterprises and 20 to 30 of huge and medium-sized enterprises will likely be tax deductible.
At present, the analysis and improvement tax deduction fee for giant companies reportedly ranges from zero to 2 p.c, eight to 15 p.c for medium firms and 25 p.c for small enterprises.
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