With South Korea aiming to becoming a technologically advanced country, adopting technologies such as blockchain, it comes as little surprise that the country's government is aiming to implement tax perks for those who show innovation and interest in this area. Tax rates are to be reduced for companies dealing with a range of 157 "new-growth technologies" in 11 areas, grouped into a category called nascent technologies. The new technology will include artificial intelligence, machine learning and big data, according to an official statement from the government.
With South Korea aiming to becoming a technologically advanced country, adopting technologies such as blockchain, it comes as little surprise that the country's government is aiming to implement tax perks for those who show innovation and interest in this area. Tax rates are to be reduced for companies dealing with a range of 157 "new-growth technologies" in 11 areas, grouped into a category called nascent technologies. The government aims to clarify the specifics of the tax perks on 26th July, and wants to have the system implemented by the Q1 2019.