Democratic Party's Moon Jinseok Proposes Tax Credits for Production Costs in Publishing, Music, and Games
Moon Jinseok Proposes Amendment to the Restriction of Special Taxation Act
A bill has been introduced to implement tax credits for the production costs of cultural content, including publishing, music, and games.
On August 4, Assemblyman Moon Jinseok of the Democratic Party of Korea announced that he sponsored the amendment to the Restriction of Special Taxation Act containing these provisions.
Under the current law, tax benefits are available for the production costs of secondary content such as webtoons, movies, and broadcasts. However, publishing content, which serves as the source material for secondary content, is excluded from tax credits.
The proposed amendment aims to ease the burden of production costs on the publishing industry and to establish a creative foundation with global competitiveness.
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Assemblyman Moon stated, "With the introduction of tax credits for cultural content, I hope the publishing industry can be revitalized, creating a solid foundation to drive the K-content industry forward."
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