Income and Corporate Tax Reduction Benefits Extended Until February 2027
The Donghampyeong General Industrial Complex in Hampyeong-gun, Jeollanam-do has been granted a two-year extension as a Special Support Zone for Small and Medium Enterprises (SMEs).
According to Hampyeong-gun on the 26th, the Ministry of SMEs and Startups extended the special support for the Donghampyeong General Industrial Complex until February 26, 2027.
The Special Support Zone for SMEs is a system in which the Ministry of SMEs and Startups provides support to industrial complexes and areas densely populated with SMEs that are facing management crises, to help them quickly normalize operations.
Previously, the Donghampyeong General Industrial Complex was designated as a Special Support Zone for SMEs on February 27, 2020, and has received support for five years, with the support period originally set to expire on February 26, 2025.
However, as the local economy has recently faced difficulties due to sluggish exports and stagnant domestic demand, Hampyeong-gun applied for an extension of the Special Support Zone designation in December last year. As a result, after an on-site inspection by an investigation team and deliberation and resolution by the review committee, a final two-year extension was granted.
With this extension, companies located in the Donghampyeong General Industrial Complex will be able to participate in public tenders through limited competitive bidding and private contracts until February 26, 2027, and will continue to receive benefits such as a 50% reduction in corporate or income tax.
Governor Lee Sangik stated, "This extension of the Special Support Zone will serve as an important foundation for the management stability and continuous growth of resident companies, and will inject vitality into the local economy. We will continue to discover and promote various policies to drive economic growth in Hampyeong-gun."
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