ROK suggests further tax cuts in crisis zones

5 November, 2018 12:00 AM printer

SEOUL: Further tax cuts should be offered to government-designated industrial crisis zones in order to create an actual investment effect, according to Prime Minister Lee Nak-yon on Sunday.

“I suggest we discuss ways to further increase the investment tax deduction rate in industrial crisis zones,” Lee said at the government and ruling party meeting held at the National Assembly, report agencies.

“Related tax revision bills are currently pending for (parliamentary) approval, but the current level (of tax benefits) is not sufficient to encourage investment.”

Earlier this year, the government designated a number of regional cities as special industrial crisis zones, offering five-year exemptions of corporate taxes and income taxes for new businesses in the region.