Korea Announces COVID-19 Tax Reliefs To Buoy Economy

04/03/2020

South Korea has announced a package of tax measures to buoy the economy amid the spread of COVID-19, with KRW7 trillion (USD5.9bn) of the KRW20 trillion stimulus package containing tax measures.

Landlords will be given a 50 percent tax credit if they agree to discount their commercial rents for affected businesses, and consumption taxes will be reduced by 70 percent for car purchases to boost consumption, the Government said.

The Government has also said that it will provide value-added tax relief for businesses with annual turnover of less than KRW60m without disclosing further details.

Source: Pride Partners International