Korean Publishers Association Calls for Introduction of Tax Credit for Publishing Content

Tax Credit Benefits for Video and Webtoons
Backlash Over Exclusion of Publishing Content

The Korean Publishers Association has strongly protested the passage of the tax reform bill that excludes publishing and applies only to webtoons and video content. The association has called for the introduction of a tax credit for publishing content and for the restoration of fairness.

A large bookstore in Seoul. This photo is not directly related to the article content.

On December 4, the Korean Publishers Association issued a statement saying, "The ruling party and the government must promptly fulfill their pledge for a 'tax credit for publishing content' and restore policy trust." This response comes after the National Assembly passed a partial amendment to the Restriction of Special Taxation Act on December 2, which established a new tax credit for webtoon content production costs and raised the basic deduction rate for video content production costs.

The association stated, "Amendments to the Restriction of Special Taxation Act that included provisions for a tax credit for publishing content did not even make it to the plenary session and were effectively discarded. As a result, the government has decided to selectively support only webtoons and video content through this tax reform." The association added, "Such a decision not only undermines tax fairness among content industries but also weakens the foundation of the K-content ecosystem. We define this as a policy failure and express our deep regret."

The association further pointed out, "Although a bill related to the tax credit for publishing content was sponsored, in July, the Ministry of Economy and Finance unilaterally announced a tax reform plan that excluded publishing and included only a tax credit for webtoon content production, disregarding the legislative intent. The government must clarify the process and background that led to the decision to provide tax support exclusively for webtoon content."

Additionally, the association stated, "We cannot hide our disappointment that such a measure was decided around the first anniversary of the unconstitutional martial law. If the government's perception of the publishing industry remains unchanged, we will have no choice but to make every effort, in solidarity with publishers, authors, bookstores, libraries, and readers-the members of the publishing ecosystem-to correct the government's misguided policy. The government must review its discriminatory tax support policy against publishing and immediately take action to restore publishing, the root and starting point of K-content, to its rightful place."

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