South Korea’s government has given the greenlight for a new tax-break scheme for local film and television companies to help boost the country’s industry. The country’s Ministry of Culture, Sports and Tourism announced that a revised law came into effect last Friday which will see a 10% tax-break against corporate tax bills for small companies, a 7% break for medium-sized companies and a 3% break for bigger corporations. The move comes after South Korea’s business has suffered at the hands of a Chinese ban on Korean imports. The Ministry says the tax credits will result in an increase of $417M in investment as well as nearly 6,433 new jobs across the next five years. It’s the first time that the cultural sector will benefit from a state tax incentive – previously this was more focused towards the manufacturing industry.
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