The local news report says that the Ministry of Strategy and Finance at Korea reveals blockchain to add within its 2018 tax law amendments. However, this means that firms will receive advantages to innovate the emerging new technologies. The bill will come into force in February.
This is applicable to businesses currently establishing blockchain technologies. Moreover, they will have to remove a part of their R&D levy from their tax bill. Apart from blockchain, there are other 15 sectors such as fine dust reduction and wearable robots technology which will get added to the ongoing R&D tax amendments for recent industries.
Meanwhile, the tax deduction amount will surely depend on the size of its company. Relatively, a small organization will receive the highest percentage within 30 – 40 percent. Whereas medium to large firms will receive a tax deduction within 20 – 30 percent approx. R&D expenses.
Moreover, this shows significant growth in comparison with the present tax breaks for…