South Korea will favor blockchain companies
The government of South Korea will benefit the blockchain industry in the field of taxes
South Korea is making an effort to encourage and help the growth of this ecosystem of decentralized technologies in the nation.
The Ministry of Strategy and Finance announced that they will include blockchain technology in their amendments to the tax law of 2018, which will allow blockchain companies to receive benefits from innovating in certain technologies.
That is, companies that develop solutions based on blockchain technology will be able to deduct some of their taxes from their research and development (R & D) expenses.
The amount to be deducted from taxes by businesses will depend on their size. For example, small corporations may claim between 30 and 40%, medians may decrease between 20 and 30% of their expenses.
In the same way, other companies that innovate will also benefit from these deductions, like those aimed at the robotics sector, reducing environmental impact and artificial intelligence.
L.Sáenz
Source: Coincrispy
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