Tax Relief Offered for Blockchain in South Korea

The South Korean government, has added Blockchain to its research and development tax credit scheme, to aid innovation in the area. The tax relief is scheduled to be implemented in February 2019 according to the document published. The tax credit means that for small enterprises 30 – 40% of research and development expenses would be tax deductible. And, for larger enterprises and 20-30% of research and development expenses would be tax deductible. Currently, the tax deduction rate is 0-2% for large corporations, 8-15% for medium enterprises, and 25% for small medium enterprises.

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