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The Government of South Korea has added blockchain to the research and development sectors that can benefit from a tax credit designed to promote innovation, local media in English TheNews.Asia reports the & # 39; January 8th.
The local Ministry of Strategy and Finance has announced the changes proposed to the decree implementing the tax law of the last year, which will be applied in February. Proposed amendments also include permissible robotic wearable fields and fine dust reduction technology.
According to the aforementioned article, one result of this amendment will be that 30-40 percent of the costs of research and development of small businesses and 20-30 of large and medium-sized businesses will be tax deductible.
Currently, the percentage of tax deductions for research and development for large companies varies between 0 and 2%, 8-15% for medium-sized companies and 25% for small businesses.
As recently reported by Cointelegraph, some of South Korea's largest cryptocurrency exchanges have passed a government security check, but the majority could still be exposed to attacks.
In addition, in December last year, Cointelegraph reported that two ministries of the South Korean government have launched a pilot blockchain for port logistics innovation.
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