Reduction of or exemption from taxation will largely increase for foreign investors.

Ministry of Finance and Economy has announced that the current 578 foreign investors who are subjects to reduction taxation will be increased to 634.

39 of additional subjects are attended to digital contents and professional design related businesses such as mobile games and animation. 36 subjects are attended to high-tech technology such as broadband smart antenna, bio-energy and nano element application technology.

Foreign investors with shares over 10% and worth over 50 million Won will receive the tax reduction benefit for 7 years of corporation tax and income tax and also 5 years of acquisition tax and property tax.

Source from Yonhap News July 7, 2003 Jin-u Kim