National Assembly nods a bill to extend tax benefits for drug R&D outlays

The National Assembly passed a bill to extend a sunset period of drug R&D expenditures related to a special tax law for three years, providing the domestic pharmaceutical industry with tax benefits of 283.4 billion won.

The provisions involving a three-year extension of tax exemption include (1) research and man power development expenses, (2) facility investment in the research and manpower...