"Certification System for Excellent Exporter Companies with Corporate Tax Reduction, Review of Requirement Relaxation"

Before the discussion forum titled "Exploring Tax Improvement Measures for Corporate Value-Up," hosted by KEF Korea Employers Federation (KEF) on the 3rd at the Korea Press Center, attendees including Son Kyung-sik, KEF Chairman (center), and Lee Man-woo, Honorary Professor at Korea University (to the right of Chairman Son), who were presenters and discussants, are taking a commemorative photo. Photo by Heo Young-han younghan@

The government announced that it will consider relaxing the corporate tax benefit requirements to utilize the Excellent Shipping Principal Company Certification System.

On the 3rd, Jo Man-hee, Director of Income and Corporate Tax Policy at the Ministry of Strategy and Finance, stated at a forum titled "Exploring Tax Improvement Measures for Corporate Value-Up," hosted by the Korea Employers Federation at the Press Center in Jung-gu, Seoul, “The requirement is intended to encourage the use of public shipping companies,” adding, “We are reviewing the relaxation of the requirements in consultation with related companies and the Ministry of Oceans and Fisheries.”

The Excellent Shipping Principal Company Certification System is a policy where the Minister of Oceans and Fisheries grants certification to ‘Shipping Principal Win-Win Cooperation Companies,’ providing incentives such as preferential policy loan interest rates, corporate tax reductions, and port facility usage fee discounts. It was introduced to increase the utilization rate of national shipping companies and eliminate unfair practices between shipping companies and principals. However, some have pointed out that even if certified, it is difficult to meet the requirement of using national shipping companies for 40% or more, which is necessary to receive corporate tax reductions, thus limiting the benefits.