Ulsan Ulju-gun announced on the 21st that it will provide local tax reduction benefits to companies located in two industrial complexes designated as the ‘2nd Opportunity Development Zone of 2024.’
The Opportunity Development Zone is a system that supports large-scale corporate investments in non-metropolitan areas through a package of regulatory exemptions, tax and financial support, and improvements in living conditions for workers.
Earlier in June, eight cities and provinces including Busan were selected as the 1st Opportunity Development Zone areas, and on the 6th, six cities and counties including Ulju-gun were designated as the 2nd zones.
In Ulju-gun, two areas were designated as Opportunity Development Zones as leading districts for the next-generation secondary battery industry: △ High-Tech Valley General Industrial Complex (Banggi-ri and Gacheon-ri, Samnam-eup) and △ Onsan National Industrial Complex (Dangwol-ri, Onsan-eup, etc.).
Accordingly, newly established and relocated companies in the Opportunity Development Zone will receive local tax reduction benefits.
They can receive a 100% exemption from acquisition tax and a 5-year exemption from property tax, while companies that build new or expand factories within the zone will receive a 75% exemption from acquisition tax and a 75% exemption from property tax for five years.
An official from Ulju-gun stated, “We will actively support and guide companies moving into the Opportunity Development Zone with local tax reduction benefits to help attract corporate investment.”
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