Law on Foreign-funded Banks Amended

According to KCNA (2012-2-9):

Law on foreign-funded banks has been amended in the Democratic People’s Republic of Korea.

The law, which breaks into 32 articles in five chapters, deals with classification, residence, property right and independent management of foreign-funded banks.

The law stipulates that the banks with 10 or more years of banking activities shall be exempted from paying income tax for the first-year profits.

It also provides that business taxes shall not be levied on the interest receipts from loans that were credited to local banks and businesses in their favor.

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