Bloomberg Tax
April 23, 2020, 12:42 PM

South Korea Boosts Aid, Tax Breaks to Virus-Hit Sectors

Kazuhiko Shimizu
Kazuhiko Shimizu
Freelance Correspondent

South Korea plans to provide aid to five major industries affected by the coronavirus pandemic, Deputy Prime Minister Hong Nam-ki said in a speech to a government crisis management meeting on Thursday.

The support will go to automakers, airlines, shipping companies, oil refining companies, and shipbuilders, according to a statement by the Ministry of Economy and Finance.

  • Together, the sectors account for about a fifth of South Korea’s GDP and about 30% of exports, and employ about 600,000 people, the statement said.
  • Automakers will get tax breaks on customs duties for car parts and will be able ...

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