From February, the South Korean government is planning to give blockchain companies a tax break to encourage and promote innovation in decentralized technologies.
According to
The NewsAsia, the Korean Ministry of Strategy and Finance has
announced that blockchain will be added in its amendments to the 2018 tax law, which sees companies receive benefits for innovating with certain technologies. The bill will come into force in February.
This implies businesses developing blockchain technologies will be entitled to deduct a part of their research and development (R&D) expenses from their tax bill.
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