AI NewsWaveKorea's SME ministry and tax agency team up to support 2,559 AI startups and SMEs
Key points
- Joint support for 2,559 AI SMEs and startups
- AI startups under five years old exempt from routine tax audits
- Other AI SMEs can defer audits for up to three years on request
Korea's Ministry of SMEs and Startups and the National Tax Service said on Oct. 11 that they will link policy support with tax support for 2,559 AI small and medium-sized companies and startups. AI Newspaper (인공지능신문) reported that the program stems from an agreement the two agencies signed last December to support the growth of AI SMEs and startups.
According to VentureSquare, AI startups founded within the past five years will be excluded from selection for routine tax audits, and other AI SMEs can defer tax audits for up to three years upon application.
Chosun Biz reported that the ministry is supporting AI model and service development and AI adoption at industrial sites through 20 programs this year, and has passed the list of supported companies to the tax agency.