- South Korea is considering amendments to the Special Tax Measures Act to expand tax incentives for cultural content production.
- Eligible content for tax credits would now include games, music, records, music videos, and performances, in addition to video content.
- Tax credit rates would change: large companies’ rate increases from 5% to 10%, the 10% rate for medium-scale companies is eliminated, and the 15% rate for SMEs remains.
- The law would take effect six months after it is promulgated.
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "South Korea"
- South Korea Considers Tax Exemption for Petroleum Used in Manufacturing Until End of 2028
- South Korea Considers Extending VAT Deductions on Recycled Waste and Used Cars to 2027
- South Korean National Assembly Considers Bill to Amend Corporate Tax Act, Effective January 2026
- South Korea Extends VAT Refund for Cosmetic Surgery Tourists to 2026
- Korea Imposes 10% VAT on Free Appliances for Construction Members in Redevelopment Projects
