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Industry

Solar cell domestic production tax credit pushed; Hanwha Solutions says no effect without direct pay

South Korea\'s solar industry is urging the government to add direct pay to a planned domestic production tax credit, saying loss-making companies cannot benefit without a refund mechanism. Hanwha Solutions said the domestic solar cell manufacturing base is disappearing, with local cell market share falling sharply since 2021. The government plan caps credits and does not include direct pay or transferability. The company said direct pay is needed due to high upfront and operating costs at cell plants.

General News

Jan-Aug fiscal balance deficit narrows to 43 trillion won, smallest in 8 years

South Korea\'s fiscal deficit through August narrowed to 43 trillion won, the smallest in eight years, as national tax revenue rose on improved corporate results and higher income tax. Total revenue for January to August climbed to 529.7 trillion won, while spending rose to 524.7 trillion won, producing a 5 trillion won consolidated surplus. Central government debt rose to 1,372.1 trillion won as of end-August.

Crypto

Crypto hot issues: Virtual asset tax rules due next month as Uptober rally loses steam

South Korea’s National Tax Service said it is preparing to issue detailed criteria for taxing digital assets around November, as questions persist over staking, airdrops, hard forks and DeFi. Lawmakers urged preparations on the assumption the current system will take effect unless the National Assembly decides to delay it. Separately, discussions continue on phase-two legislation under the Digital Asset Basic Act, including stablecoins. Markets also tracked bitcoin’s stalled push above $87,000 and Ethereum’s next major upgrade.