Tax Reduction

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Classification Corporate Tax / Income Tax Acquisition Tax Property Tax Tariffs

Companies operated in Jeju / newly established companies

100% waiver for 3 years,

50% reduction for 2 years thereafter

50% reduction

(until 31 Dec. 2019)

75% reduction from the date of formation of tax liability for 5 years

100% exemption for goods imported for the purpose of R&D

(until 31 Dec. 2012)

Article 121-8 of the Restriction of Special Taxation Act

(Enterprises that occupy Jeju Science Park are entitled to reduced corporate or income tax)

Article 78 of the Restriction of Special Local Taxation Act

(Reduction for Industrial Complexes, etc.)

Article 78 of the Restriction of Special Local Taxation Act

(Reduction for Industrial Complexes, etc.)

Companies relocated from overpopulated constraint districts in metropolitan areas (at least 3 years)

100% waiver for 3 years and 50% reduction for 2 years thereafter

Exemption

(until 31 Dec. 2021)

Exemption from the date of formation of tax liability for 5 years,

50% reduction for 3 years thereafter

Article 121-8 of the Restriction of Special Taxation Act

(Enterprises that occupy Jeju Science Park are entitled to reduced corporate or income tax)

Articles 79, 80 of the Restriction of Special Local Taxation Act

(Reduction or exemption for corporations relocating to provinces, reduction or exemption for factories relocating to provinces)

Articles 79, 80 of the Restriction of Special Local Taxation Act

(Reduction or exemption for corporations relocating to provinces, reduction or exemption for factories relocating to provinces)

Companies relocated from other areas except overpopulated constraint districts in metropolitan areas

100% waiver for 3 years and 50% reduction for 2 years thereafter

Exemption for 3 years after relocation

Exemption from the date of formation of tax liability for 5 years, 50% reduction for 3 years thereafter

Article 121-8 of the Restriction of Special Taxation Act

(Enterprises that occupy Jeju Science Park are entitled to reduced corporate or income tax)

Article 14 of the Municipal Ordinance on Jeju Special Self-governing Provincial Tax

(Reduction to encourage enterprises to relocate)

Article 14 of the Municipal Ordinance on Jeju Special Self-governing Provincial Tax

(Reduction to encourage enterprises to relocate)

Venture companies (Tax reduction under Article 18-4 of the Act on Special Measures for the Promotion of Venture Businesses)

-

37.5% reduction (until 31 Dec. 2019)

37.5% reduction (until 31 Dec. 2019)

 

Article 58 of the Restriction on Special Local Taxation Act

(Real estate acquired to use directly for its unique duties)

Article 58 of the Restriction on Special Local Taxation Act

(Real estate acquired to use directly for its unique duties)

Foreign invested- companies

-

100% waiver from the date of business commencement for 5 years and 50% reduction for 2 years thereafter

100% waiver from the date of business commencement for 5 years and 50% reduction for 2 years thereafter

 

Article 121-2 of the Restriction on Special Taxation Act

(Reduction or exemption of corporate tax, etc., for foreign investment)

Article 121-2 of the Restriction on Special Taxation Act

(Reduction or exemption of corporate tax, etc., for foreign investment)

Article 121-10 of the Restriction on Special Taxation Act

(Exemption from customs duties on goods imported by enterprises that occupy Jeju Science Park)

 

 

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