The South Korean government is planning for the introduction of new Opportunity and Development Zones (ODZs) as part of its strategy for regional development, including tax incentives for businesses that operate in ODZs. The incentives include an income tax exemption for five years, with a 50% tax reduction in the following two years. Further, a capital gains tax deferral is provided in respect of real estate property sold elsewhere in the country by businesses that buy property in an ODZ for…