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In an attempt to further facilitate the proliferation of innovative startups in the country, South Korea is planning to revise its current tax laws to encourage local companies to develop new technologies. The announcement was released on Wednesday following the meeting of ministers from eight government sectors involved in economic policy, Coindesk reported.
As it stands, South Korea grants tax deduction to companies if they designate 5 percent of the previous year’s gross sales to research and development. Moreover, 10 percent of the research and development should be centered on emerging innovations like blockchain.
The problem is that startups don’t normally bring in a lot of revenue in their first year, making it difficult for them to apply for a tax deduction. As such, the South Korea ministers proposed that research and development prerequisite should be changed to more than 5 percent of the current year’s gross sales.
The South Korean government has yet to disclose any details as to what the proposed tax reduction should be. However, further information concerning the matter is expected to be released on July 26, with the alterations to be implemented in the first quarter of 2019.
The country has been brewing this positive economic environment for emerging innovations like cryptocurrencies and blockchain as it wants to be at the forefront when global digitalization finally takes place. Indeed, South Korea’s Ministry of Science and ICT said that it will fund some 10,000 blockchain experts and 100 companies.
To be precise, the allocated fund is reported to be 230 billion won ($207 million), which will be accumulated until the year 2022. Once the fundraising has been completed, South Korea will then provide financial support to professionals and companies that are operating in the crypto ecosystem in the country.
Startups that are integrating blockchain into a whole range of sectors will be eligible for funding. The South Korean government said that these fledgling companies will encompass a whole range of sectors like voting, real estate, shipping logistics, and more.
