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Acquisition Tax · Property Tax

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  • Reductions or Exemptions
  • Acquisition Tax · Property Tax
Properties acquired and owned by foreign-invested companies to operate registered businesses are eligible for acquisition tax and property tax reductions or exemptions.

Subjects of Reductions or Exemptions: Properties (Land, Buildings) Owned or Acquired Since the Date of Business Commencement

Subjects of Reductions or Exemptions: Properties Owned or Acquired Since the Date of Business Commencement : Category,Business, Tax Reduction or Exemption Period and Rate
Category Business Tax Reduction or Exemption Period and Rate
Acquisition tax and property tax
(property tax on land)		 Businesses deliberated and decided upon by each committee for companies engaged in new growth engine industries or companies in individual-type foreign investment zones. 100% exemption of taxes eligible for reductions or exemptions (amount eligible for deductions) for 5 years from the date of business commencement; 50% reduction of taxes for 2 years thereafter (deduction from tax base)
Companies and project entities in complex-type foreign investment zones, free economic zones, Jeju Investment Promotion Zones, enterprise city development zones, Saemangeum project areas, free trade zones, etc. 100% exemption from the date of business commencement; 50% reduction of taxes for 2 years thereafter
* Related laws: Article 78-3 of the Restriction of Special Local Taxation Act

Extension of Local Tax Reductions or Exemptions under Ordinances

If the local government extends the reduction or exemption period or the deduction period up to fifteen years under ordinances, or raises the reduction or exemption or the deduction ratio within the scope of the extended period as prescribed by Article 4 of the Restriction of Special Taxation Act , the extended period or raised ratio must be observed, irrespective of what has been prescribed by the Restriction of Special Taxation Act.