Tax Free Period for Venture Investment to Be Prolonged

An individual or a private investment union, investing money to venture businesses within 7 years after it was founded, will be free from income tax.
So far, investments into venture companies within 3 years after they was established has been exempted from government tax.
The Government held a cabinet meeting on
April 20 and revised separate rules on promotion of venture business and on the land traffic law.
According to the revised rules, the head of the Small and Medium Business Administration is allowed to advise many fund managers to invest in the Korea Venture Investment Union.
Professors, lawyers, and other professionals, who contributed to the establishment or innovation of the venture business, will be given rights to buy up to 50 percent of the issued shares of the venture.
Jangsoo Seo:jsbee@joongang.co.kr