Baek Hyunjin, Pushes for Extension of Tax Support for Video Content Production

Proposed Amendment to the Restriction of Special Taxation Act
"Tax Credit Period Should Be Extended to 2025"

Baek Hyunjin, spokesperson for President-elect, is giving a daily briefing on the 8th at the Presidential Transition Committee in Tongui-dong, Seoul. Photo by Kim Hyunmin kimhyun81@

Domestic video content producers are facing the risk of losing tax support. The provision for a tax credit of up to 10% on production costs is set to expire on December 31. In response, Bae Hyun-jin, a member of the People Power Party, officially proposed an amendment to the "Restriction of Special Taxation Act" (Article 25, Paragraph 6, Subparagraph 1) on the 16th to extend the deadline until December 31, 2025. If passed by the National Assembly plenary session, domestic producers will be able to receive tax credit benefits on corporate tax for three more years. Small and medium enterprises will receive 10%, mid-sized companies 7%, and large corporations 3%. Representative Bae expressed hope that "this will not only revitalize the production of new and creative video content but also secure international competitiveness." She added, "The success of K-content contributes to enhancing the national image and brings widespread economic ripple effects," promising to "steadily support filmmakers and broadcasters so they can focus on production." Representative Bae has also previously proposed a bill to expand the tax credit benefit up to a maximum of 20%.

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