Notice No. 2015219, Oct. 21, 2015
Article 1 (Purpose) |
Article 2 (Protection of Trade Secret) |
Article 3 (Application of Acts and Subordinate Statutes Related to Tax Reduction and Exemption) |
Article 4 (Eligible Businesses) |
Article 5 (Application) |
(1) | Each foreign investor or foreign-invested enterprise shall file an application for tax reduction and exemption or for change of content of tax reduction and exemption with the Minister of Strategy and Finance, in accordance with Article 121-2 (6) of the Act. |
(2) | Where the Minister of Strategy and Finance receives an application for tax reduction and exemption, etc. from a foreign investor or foreign investment enterprise in accordance with paragraph (1), he/she shall request the Minister of Trade, Industry and Energy for deliberation and determination by the Free Economic Zone Committee regarding tax reduction and exemption, if deemed that the application for tax reduction and exemption, etc. falls under Article 4. |
Article 6 (Documents to be Submitted) |
(1) | Upon receipt of a request by the Minister of Strategy and Finance for deliberation and determination by the Free Economic Zone Committee regarding tax reduction and exemption, the Minister of Trade, Industry and Energy shall request the foreign investor or foreign-invested enterprise to submit materials necessary for deliberation. |
(2) | Upon receipt of a request by the Minister of Trade, Industry and Energy to submit materials necessary for deliberation, a foreign investor or foreign-invested enterprise shall prepare and submit materials specified in attached Form 1, to the Minister of Trade, Industry and Energy. |
(3) | Where any matter required to be stated in any submitted material under paragraph (1) is omitted or the content contained therein is unclear, the Minister of Trade, Industry and Energy may request the relevant foreign investor or foreign-invested enterprise to supplement such material. |
Article 7 (Deliberation) |
(1) | After verifying whether materials submitted pursuant to Article 6 are complete, and other related matters, the Minister of Trade, Industry and Energy shall refer the requested case to the Free Economic Zone Committee for deliberation and determination on a case concerning tax reduction and exemption. |
(2) | An agenda for (proposal of) deliberation and determination under paragraph (1) shall be prepared in attached Form 2. |
(3) | The Free Economic Zone Committee shall deliberate on cases concerning tax reduction and exemption, in comprehensive consideration of whether legal requirements for tax reduction and exemption are satisfied, the possibility for performance of investment, expected economical effects obtained by the relevant foreign investment, and other related matters. |
Article 7-2 (Evaluation of Written Applications) |
(1) | An evaluation team shall be organized and operated, comprised of related experts from among the members of the Free Economic Zone Committee and the members of the Advisory Council for Economic Zone Committee, to conduct objective evaluation of written applications for tax reduction and exemption. |
(2) | The evaluation team shall prepare a report on evaluation outcomes in accordance with the deliberation standards for tax reduction and exemption, referred to in Article 7, and submit it to the Minister of Trade, Industry and Energy. |
(3) | The Minister of Trade, Industry and Energy shall prepare attached Form 2 based upon the report on evaluation outcomes and submit it to the Free Economic Zone Committee. |
(4) | Allowances may be paid within budgetary limits, to the experts who participate (including written evaluation) in the evaluation team: Provided That, this shall not apply to public servants whose duty are directly related to such participation. |
Article 8 (Determination) |
(1) | A majority of the members of the Free Economic Zone Committee shall constitute a quorum, and any resolution on tax reduction and exemption shall require the concurring vote of at least a majority of those present: |
(2) | The Minister of Trade, Industry and Energy shall, without delay, notify the Minister of Strategy and Finance of the deliberation and determination results of the Free Economic Zone Committee. |