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Search results for Restriction of Special Taxation Act

Industry

Semiconductor, battery direct refund scheme in focus ahead of July tax reform plan

A proposed direct refund scheme that would pay out semiconductor and battery investment tax credits in cash has emerged as a key issue ahead of the government’s late-July tax reform plan. South Korea largely relies on corporate tax credits that only apply when companies owe tax, limiting benefits for firms in early loss-making years. Industry groups say this can delay investment and call for U.S.-style refunds. Fiscal authorities are reviewing possible revenue losses.

Games & Commerce

Rep. Cho Seung-rae proposes tax credit bill for game and music production costs

A bill to expand production cost tax credits to the game and music industries has been introduced in South Korea’s National Assembly. Democratic Party lawmaker Cho Seung-rae proposed amendments to the Restriction of Special Taxation Act to apply tax credits to costs for producing game and music content. The bill would change the scope from “video content” to “cultural content” and add games, records, music files and music videos as eligible items.

AI & Enterprise

NEXT project launched to secure world-leading tech by 2030 and world-first by 2040

South Korea will reorganise its national strategic technology framework into 55 technologies across 10 areas to respond to an AI transition and economic security competition. The government aims to secure world-leading technology by 2030 and take the lead in world-first technology by 2040. The Ministry of Science and ICT and the Office of Planning and Budget held a launch event for the NEXT project, which will link key R&D programmes with industrial and investment policies and build a NEXT Alliance in the second half of the year.