South Korea’s government added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation.
South Korea’s government has added blockchain to the fields of research and development eligible for a tax credit meant to boost innovation, English-language local media TheNews.Asia reports on Jan. 8.
The local Ministry of Strategy and Finance announced the proposed changes to the enforcement decree of last year’s tax law, which will be enforced in February. The proposed amendments also include among the eligible fields wearable robots and fine dust reduction technology.
According to the aforementioned article, a result of this amendment will be that 30 to 40 percent of the research and development expenses of small enterprises and 20 to 30 of large and medium-sized enterprises will be tax deductible.
Currently, the research and development tax deduction rate for large corporations reportedly ranges from 0 to 2 percent, 8 to 15 percent for medium companies and 25 percent for small enterprises.
As Cointelegraph recently reported, some of South Korea’s biggest cryptocurrency exchanges have passed a government security audit, but the majority could still be exposed to attacks.
Also, in December of last year, Cointelegraph reported that two South Korean government ministries have launched a blockchain pilot for port logistics innovation.
Source: Cointelegraph
Russia is dipping its toes into the world of cryptocurrency with a proposed bill aimed…
Following a pullback, the price of Bitcoin has continued on its downward movement. The coin,…
In the latest updates on the court case between Ripple and the United States Securities…
The Spot Bitcoin ETFs have seen their demand drop since the start of this month,…
Anticipation and uncertainty intertwine as US issuers brace for potential disappointment in their bid to…
HBAR, Hedera’s native token, saw a sharp correction following clarification that the world’s largest asset…