Article 13 (Exemption from Corporate Tax on Capital Gains from Stock Transfers by Venture Investment Companies, etc.)

Capital gains arising from the transfer of shares or equity interests falling under any of the following subparagraphs shall not be subject to corporate tax. 1. Shares or equity interests acquired by investment in a startup company (hereinafter referred to as "startup company") under the 「Startup Promotion Act for Small and Medium Enterprises」, a venture enterprise, or a new technology startup specialist company under the 「Special Act on the Promotion of Venture Enterprises」 (limited to small and medium enterprises as defined in Article 2 of the 「Framework Act on Small and Medium Enterprises」; hereinafter referred to as "new technology startup specialist company") by a venture investment company (hereinafter referred to as "venture investment company") or an incubation company (hereinafter referred to as "incubation company") under the 「Venture Investment Promotion Act」, by December 31, 2028. 2. Shares or equity interests acquired by a new technology business financier (hereinafter referred to as "new technology business financier") under the 「Specialized Credit Financial Business Act」 through investment in a new technology business operator (hereinafter referred to as "new technology business operator") under the 「Korea Technology Finance Corporation Act」, a venture enterprise, or a new technology startup specialist company, by December 31, 2028. 3. Shares or equity interests acquired by a venture investment company, an incubation company, a limited liability company under the 「Commercial Act」 as referred to in Article 50 (1) 5 of the 「Venture Investment Promotion Act」 (hereinafter referred to as "venture company investment limited liability company" in this Article), or a new technology business financier through any of the following partnerships (hereinafter referred to as "venture investment partnerships, etc.") by investing in a startup company, a new technology business operator, a venture enterprise, or a new technology startup specialist company, by December 31, 2028. a. A private investor partnership (hereinafter referred to as "private investor partnership") under Article 2 (8) of the 「Venture Investment Promotion Act」 and a venture investment partnership (hereinafter referred to as "venture investment partnership") under Article 2 (11) of the same Act. b. Omitted. c. A new technology business investment partnership (hereinafter referred to as "new technology business investment partnership") under the 「Specialized Credit Financial Business Act」. d. A specialized investment partnership (hereinafter referred to as "specialized investment partnership") under the 「Act on Strengthening Competitiveness and Stabilizing Supply Chains in the Materials, Parts, and Equipment Industries」. e. An agricultural, forestry, and fisheries investment partnership (hereinafter referred to as "agro-fisheries investment partnership") under the 「Act on the Establishment and Operation of Investment Partnerships for Agriculture, Forestry, and Fisheries」. 4. Shares or equity interests acquired by a legal entity managing and operating funds or a legal entity conducting mutual aid business, as prescribed by Presidential Decree (hereinafter referred to as "fund management legal entity, etc." in this Article), through venture investment partnerships, etc., by investing in a startup company, a new technology business operator, a venture enterprise, or a new technology startup specialist company, by December 31, 2028. 5. Shares or equity interests acquired by a venture investment company or a new technology business financier through investment in a small and medium-sized enterprise listed on the KONEX market (hereinafter referred to as "KONEX-listed company" in this Article, Article 16-2, Article 46-7, and Article 117) under the 「Capital Markets and Financial Investment Business Act」 and its Enforcement Decree, by December 31, 2028. 6. Shares or equity interests acquired by a venture investment company, a venture company investment limited liability company, or a new technology business financier through venture investment partnerships, etc., by investing in a KONEX-listed company, by December 31, 2028. 7. Shares or equity interests acquired by a person prescribed by Presidential Decree, as a general partner of a private indirect venture investment partnership (hereinafter referred to as "private indirect venture investment partnership") under Article 2 (12) of the 「Venture Investment Promotion Act」, through the private indirect venture investment partnership by investing in a startup company, a new technology business operator, a venture enterprise, or a new technology startup specialist company, by December 31, 2028.

When applying subparagraphs 5 or 6 of paragraph ①, investment refers to the acquisition of shares or equity interests in a KONEX-listed company in any of the following ways by a venture investment company, a venture company investment limited liability company, or a new technology business financier, directly or through venture investment partnerships, etc. Provided, that in cases of subparagraphs 1 through 3, the acquisition of shares or equity interests owned by another person through purchase shall be excluded. 1. By paying the capital increase payment in the case of a paid-in capital increase within two years after the company's listing. 2. By transferring surplus to capital within two years after the company's listing. 3. By converting debt to capital within two years after the company's listing. 4. By purchasing shares or equity interests of the paid-in capital increase company, which have been held by a resident who has received income deduction under Article 16 (1), for more than three years from the resident's investment or financing date, within six months from the date of paying the capital increase payment under subparagraph 1. Provided, that this shall be limited to 30 percent of the capital increase payment paid under subparagraph 1.

Corporate tax shall not be imposed on dividend income received by December 31, 2028, which arises from the income amount set forth in subparagraph 2 a of paragraph ④, from dividend income generated by a fund management legal entity, etc. investing in a venture investment target company through a venture investment partnership.