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. 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, 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 new technology will include artificial intelligence, machine learning and big data, according to an official statement from the government.