Gibo Participates as Technical Review Agency for 'R&D Tax Credit Preliminary Review'

Agreement with National Tax Service for 'Technical Eligibility' Review of Corporate R&D Activities

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter referred to as Kibo) announced on the 5th that it will participate as a technical review institution for the 'R&D Tax Credit Pre-Review,' which verifies the appropriateness of companies' research and human resource development (R&D) tax credits in advance.

Kibo signed a 'Mutual Cooperation Agreement for the Operation of the R&D Tax Credit Pre-Review System' with the National Tax Service and decided to deploy doctoral-level personnel in each technical field to review whether companies' R&D activities comply with the research and development technologies stipulated by law.

The 'R&D Tax Credit Pre-Review System' is a system that verifies in advance whether the expenses incurred before applying for the R&D tax credit qualify as research and human resource development costs. It was introduced to support the sincere reporting of companies struggling with R&D credit applications and to eliminate uncertainties regarding credit eligibility.

At the request of the National Tax Service, Kibo conducts reviews of the research and development activities and technical eligibility in the relevant fields of companies applying for the R&D tax credit pre-review. Based on the R&D reports submitted by taxpayers, a non-face-to-face document review is conducted first, and if additional review is necessary, on-site verification is performed.

Since opening the Technology Evaluation Center in 1997, the first among domestic financial institutions, Kibo has carried out various evaluation tasks such as technology value assessment and government R&D project evaluation. With over 260 doctoral-level personnel in various technical fields, it is expected that Kibo will be able to provide expert reviews on the diverse technologies of companies applying for the R&D tax credit pre-review.

Director Lee Jong-bae of Kibo said, "By actively participating in major national administrative tasks to alleviate taxpayers' burdens through technical eligibility reviews, we will fulfill our social responsibilities as a public institution," and added, "We will also contribute to the social sharing and dissemination of Kibo's unique technology evaluation infrastructure."

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