The South Korean government announced that travelers affected by flight cancellations can bring in duty-free items worth up to $800, in addition to expanding tax deductions for safety facilities in companies to prevent industrial accidents.
The South Korean government has introduced new measures allowing travelers whose flights have been canceled to bring in duty-free items worth up to $800. This policy aims to alleviate the impacts of travel disruptions and is part of broader tax reforms initiated by the Ministry of Finance and Economy. Along with this, the government is expanding the scope for tax deductions related to safety facilities required for industrial accident prevention in companies, highlighting the importance of workplace safety amid rising concerns over employee well-being.
The proposed reforms include amendments to regulations governing safety facilities that qualify for tax deductions under the Integrated Investment Tax Credit. Now, safety measures for workers in various employment sectors, including subcontractors, construction workers, and delivery personnel, will be eligible for tax benefits. This signifies a shift towards greater support for companies investing in employee safety, moving beyond the traditional scope defined by the Industrial Safety and Health Act. The intention is to motivate businesses to create safer work environments through enhanced financial incentives.
In addition to the changes in duty-free allowances and tax deductions, the government is also addressing developments in the webtoon industry, establishing detailed regulations regarding tax deductions for production costs related to webtoons. This includes defining eligible tax deduction recipients and costs, ensuring that workers directly involved in producing creative content are supported. This collective approach reflects the government’s strategy to boost both the travel sector and local industries through supportive tax policies amidst ongoing economic uncertainty.
