Parliament Committee Approves Tax Exemptions for Youth Startups

Write : 2018-05-17 16:40:13 Update : 2018-05-17 16:54:48

Parliament Committee Approves Tax Exemptions for Youth Startups

A parliamentary committee has decided to offer 50 percent exemption in corporate taxes to startup companies launched by young entrepreneurs in the capital region.

The National Assembly's Strategy and Finance Committee on Thursday held a plenary meeting and a meeting of its subcommittee on taxes and approved a partial revision to a related tax law. 

The revision calls for 50 percent exemption in the corporate tax rate for small-scale youth startups located in the metropolitan region and 100 percent exemption for startups in all other areas.

The committee also approved 90 percent exemption in income taxes for five years for young job seekers who enter small and medium-sized enterprises. Senior citizens, the disabled and women with discontinued careers will receive 70 percent exemption in their income tax payments for three years. 

During its plenary session, the Finance Committee also approved the supplementary budget bill as proposed by the government without making changes and handed it over to the parliament's Special Committee on Budget and Accounts.

[Photo : YONHAP News]

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