In an attempt to spark a resurgence in Foreign Direct Investment in Korea, the Korean government has proposed the development of Mini Free Economic Zones. These zones are an attempt to attract SMEs that supply parts to Korean companies.
These Mini-FEZs are expected to charge rent far lower than market value in Korea, offer tax incentives, while offering no fee leases for companies that bring into the country technology and invest over USD 1 million in the local economy.
The exact details of the plan are not known. I will update the readers when more details become known.
I suspect that the plan will, also, be a benefit to companies already in Korea that are looking to modernize facilities.
_________
Sean Hayes may be contacted at: [email protected]
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the only non-Korean to have worked as an attorney for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
Similar Posts:
- Foreign Tax Incentives to be Cut: 17% Flat Tax Law Revised
- 17 Percent Flat Tax for Foreign Nationals Residing in Korea: Korean Tax Amendments for 2013
- Korean National Tax Service Tax Law News Release to Foreign Corporate Taxpayers: Korean Tax Law Updates
- Foreign Account Tax Compliance Act (FACTA) in Korea
- Can a Foreign Company be Deemed a Domestic Company for Tax Purposes and Taxed on Worldwide Income?
- Korea’s Real Name Transaction Act Strengthened: Korea’s Banking Law Basics
- Tax Qualified Mergers in Korea: Amended 80% Rule for Triangle Mergers
- “Samsung’s First Family Struggles to Keep Grip on Company” Report by Bloomberg
- Korean Tax Law Amendment Press Release by Korean Government
- U.S. Taxation of American Citizens/Permanent Residents Living Abroad
You must log in to post a comment.