Gov't to increase incentives for firms bringing operations back to S. Korea: Prime Minister
- 5 years ago
The South Korean government plans to increase incentives for companies that move their overseas operations back home... in a bid to help the local economy and create more jobs.
Prime Minister Lee Nak-yeon said Thursday that the government will lower the criteria for "onshoring companies."
Under the new measures,... firms that relocate 25 percent, instead of the previous 50 percent of their offshore operations back to South Korea, will be eligible for tax cuts and subsidies.
Since 2013,... the government has provided benefits for small and medium-sized manufacturers...but the new measures will cover big companies and IT service providers as well.
Prime Minister Lee Nak-yeon said Thursday that the government will lower the criteria for "onshoring companies."
Under the new measures,... firms that relocate 25 percent, instead of the previous 50 percent of their offshore operations back to South Korea, will be eligible for tax cuts and subsidies.
Since 2013,... the government has provided benefits for small and medium-sized manufacturers...but the new measures will cover big companies and IT service providers as well.