[2023 Tax Reform] Venture Industry "Expect Recovery of Contracted Venture Investment Market"

The venture industry expects the government's '2023 Tax Reform Proposal' to invigorate corporate growth, strengthen investment momentum, and expand job opportunities. On the 27th, the Korea Venture Business Association evaluated that "the tax support for 'activating private funds' to revitalize startups and ventures can guide private capital into the venture investment market, raising expectations for the recovery of the recently contracted venture investment market."

However, the venture industry stated, "We hope that the increase in the corporate investor tax credit benefits for private venture funds (up to 15%), which we have been requesting, will be reflected in future discussions in the National Assembly."

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Regarding the strengthening and expansion of tax support for strategic industries such as K-content and bio sectors, it is expected to provide institutional support for activating private investment and enhancing competitiveness of ventures and startups. The Korea Venture Business Association also forecasted, "Support for the inflow of excellent foreign talent, extension of the special employment support application period, and extension and expansion of income tax reduction application periods for foreign technical personnel and small and medium enterprise employees will be usefully utilized by venture companies struggling to secure outstanding talent."

The Korea Venture Business Association added, "We will contribute to overcoming the economic crisis and expanding jobs through investment activation, using the tax reform proposal as a stepping stone."

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