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Article: KOREAN GOVT TO OFFER TAX INCENTIVES TO FOREIGN INVESTORS.
- Article from:
- AsiaPulse News
- Article date:
- July 8, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEOUL, July 8 Asia Pulse - The Ministry of Finance and Economy said Sunday that it has come up with a slew of new tax incentives in order to attract investment from abroad, which is needed to help the country emerge as a regional business hub.
The draft bill, set to be presented to the National Assembly, excludes foreign manufacturing firms investing over US$50 million in the country from corporate and income taxes for the first seven years of their presence here.
They will also be eligible for 50 per cent corporate and income tax reductions for three additional years.
Foreign firms will receive a 100 per cent reduction in tariffs, excise and ...