JEOLLABUK-DO < invest Korea

(JEONJU=NEWSIS) More foreign companies will invest in the Saemangeum region.

According to North Jeolla Province on December 3, the revised bill of the Restriction of Special Taxation Act has passed the National Assembly plenary session.

The revised bill reduces acquisition and property taxes to foreign-invested companies that will move to the Saemangeum region.

The local tax reduction that was only applied to the Saemangeum Gunsan Free Economic Zone will be expanded to the whole area of Saemangeum including Gogunsan Islands. This has helped to secure the standing of a special economic zone.

Also, the incentive system for foreign-invested companies will be improved, revitalizing investment promotion.

"The Korea-China Economic Cooperation Complex will also benefit greatly. We will be able to attract more investment from foreign-invested companies," said a North Jeolla official

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