South Korea: Consideration of tax credit expansion to boost video content production
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The South Korean National Assembly approved the consideration of Bill No. 2125226, aimed at enhancing and broadening the tax credit available for the production costs of video content, encompassing broadcast, film, and online videos. This bill, integral to the 2024 budget package, brings several key changes:
Elevates the credit amount for large enterprises from 3 percent to 5 percent.
Raises the credit amount for medium-sized enterprises from 7 percent to 10 percent.
Boosts the credit amount for small- and medium-sized enterprises (SMEs) from 10 percent to 15 percent.
Introduces a new Tax Credit for Music Content Production Costs, which applies the same credit percentages to the production expenses for music content, encompassing music albums, videos, and files.