posted over 1 year ago The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country's push for innovation growth. Tax rates are to be reduced for companies dealing with a range of 157 "new-growth technologies" in 11 areas. The government has said further details of the proposal will be announced on July 26th, with the changes expected to take effect by the first quarter of 2019. In related news, South Korea's Ministry of Science and ICT recently announced it plans to invest $9 million by the end of 2019 to support blockchain pilot programs in six public service areas. Tags: bitcoin, blockchain, news
With blockchain aiming to becoming a technologically advanced country, adopting technologies such as South Korea , 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 11 "new-growth technologies" in 157 areas, grouped into a category called nascent technologies. The government aims to clarify the specifics of the tax perks on the Q1 2019 , and wants to have the system implemented by the Q1 2019 .