Chungnam Province Grants Full Acquisition Tax Exemption to Overseas Returnee Companies

Overseas Business Sites Must Be Liquidated or Transferred Within 4 Years, and New or Expanded Domestic Sites Established Within 5 Years

Chungnam Province will fully exempt real estate acquisition tax for overseas companies returning to the province. / Chungnam Province

Chungnam Province announced on the 20th that it will fully exempt acquisition tax on real estate for overseas companies returning to the province.

According to the revised "Local Tax Special Cases Act" this year, the province decided to provide a 100% exemption on acquisition tax for U-turn companies returning to Korea. This is the first case among metropolitan local governments nationwide.

The exemption applies to companies selected as domestic returning companies under Article 7, Paragraph 3 of the "Act on Support for Overseas Expansion Companies Returning to Korea" after this year, which are corporations that have operated overseas for more than two years according to related laws.

The exemption requirements include liquidating or transferring overseas business sites within four years and establishing or expanding business sites within the province within five years. Additionally, the company must operate in the same industry as the overseas business site.

Lee Seong-il, Director of the Taxation Division of the province, said, "We will strive to enable the province and companies to grow together through active tax support for companies returning to the province," adding, "We will continue to build a favorable tax environment for business management and strengthen the province's competitiveness."

This content was produced with the assistance of AI translation services.