THREATS FROM NORTH KOREA: Korean Government Reveals Plans to Offer Tax Credits for Webtoon Production Costs

 

In a move to boost the global competitiveness of South Korea's webtoon industry, the government announced plans to introduce tax credits covering 10–15% of production costs for digital comics.

As part of the 2025 tax reform plan the Ministry of Economy and Finance unveiled on July 31, the new measure aims to strengthen the nation's cultural soft power by supporting one of its most internationally successful content sectors.

Eligible content includes webtoons and digital comics as defined under Korea's “Promotion of Comics Act” and must be distributed via an online network. Covered expenses include planning and production labor costs, licensing fees for source novels, and software costs related to webtoon creation. Indirect costs such as marketing or promotional expenses are excluded.

The tax credit will be 10% for large companies and 15% for small- and medium-sized enterprises. The credit will apply to expenses incurred in the fiscal year in which the webtoon is released online and will remain in effect through the end of 2028.

Source: Anime News Network 

Let's Do The News! (August 4, 2025)

                                

Your daily round-up of today's news...

- Twelve police officers were suspended for up to 90 days over the "missing sabungeros" case, where they are accused of involvement in the disappearance of sabungeros and taking bribes from the mastermind behind it.

- Philippine President Bongbong Marcos is en route to India for his state visit.

- The US said it had no choice but to deport them to a third country, then it sent them home. The Trump administration says that some serious criminals need to be deported to third countries because even their home countries won't accept them.

- Pope Leo XIV stands with youth in Gaza and Ukraine as well as war-torn nations, calling for peace through dialogue during the Closing Mass for the Jubilee of Youth at St. Peter's Square. "We are with the young people of Gaza, we are with the young people of Ukraine, with those of every land bloodied by the war.", the Pope said.

- SEMA and a trade group representing foreign car manufacturers commended the US EPA's decision to repeal the 2009 greenhouse gas "endangerment" finding, describing it as a significant victory for "vehicle choice".

- Toyota, Ford, and Chevrolet GEN3 Supercars will undergo aerodynamic testing in the US.

- Mercedes-Benz plans to launch 18 new cars over the next year, including the next-generation Mercedes-Benz GLC.

- Actor Song Young Kyu passed away.

- K-POP girl group PURPLE KISS will disband this November.

- The NFLPA has elected David White as its interim executive director.

TTFN.

2025 NASCAR Cup Series - Iowa Corn 350

There are only four races left in the regular season of the 2025 NASCAR Cup Series before the playoffs, as they head to Iowa for the Iowa Corn 350. Who will be playoffs-bound? Let's find out.

As the green flag waved, the action in Iowa was on. As Brad Keselowski took Stage 1, Stage 2 saw the #88 going for a big slide in Turn 2, followed by a collision with the #9 car. As Keselowski took Stage 2, the final stage saw the #11 car slip, followed by the #43 car.

Screengrab from NASCAR

After an intense fight in Iowa, William Byron wins the Iowa Corn 350 of the NASCAR Cup Series!

The next race is at Go Bowling at The Glen this August 10, 2025.

2025 IMSA WeatherTech SportsCar Championship - Motul SportsCar Grand Prix

The 2025 IMSA WeatherTech SportsCar Championship continues at Road America for the Motul SportsCar Grand Prix. As summer is getting more intense, endurance racing at the heart of Wisconsin has never felt so alive this year.

Screengrab from IMSA

The #24 BMW M Team RLL BMW M Hybrid V8 has been declared the winner of the Motul SportsCar Grand Prix. Additionally, Spike, driving the #99 AO Racing ORECA LMP2 07, secured his second career victory. In the GTD PRO class, the #1 Paul Miller Racing BMW M4 GT3 EVO triumphed, while in the GTD class, the #021 Triarsi Competizione 293 GT3 took the win.

The next race is the Michelin GT Challenge at VIR this August 22-24, 2025.

F1 2025: Lenovo Hungarian Grand Prix

F1's 75th anniversary celebrations continue at Hungaroring for the Lenovo Hungarian Grand Prix. Although the Hungaroring got renovated with a bold new look, it's another race week for McLaren as they're gunning for their 200th team win on Hungarian soil.

Image: F1

McLaren delivered its fourth 1-2 finish streak with Lando Norris fending off Oscar Piastri to win the Hungarian Grand Prix. Mercedes' George Russell completes the podium by finishing in third place. Other finishers include Charles Leclerc, Fernando Alonso, Gabriel Bortoleto, Lance Stroll, Liam Lawson, Max Verstappen, and Andrea Kimi Antonelli.

Ollie Bearman was the only one to retire in the middle of the race following damage to his car.

The next race will be in Zandvoort for the Heineken Dutch Grand Prix this August 31, 2025.

WRC 2025: Secto Rally Finland

The 2025 World Rally Championship continues with the Secto Rally Finland. Summer rallying action on Finnish soil never felt so intense in the midst of the summer heat.

Screengrab from WRC

Kalle Rovanpera spearheaded Toyota Gazoo Racing's headlining 1-2-3-4-5 finish on Finnish soil with his first win on his home turf, 39.2 seconds ahead of Takamoto Katsuta. Sebastien Ogier finished 3rd, with Elfyn Evans finishing 4th and Sami Pajari locking Toyota's historic five-car finish.

The next event is the new Rally del Paraguay, a gravel rally based in Encarnación from August 28 to 31, 2025.

Autobacs Super GT 2025 Series Round 4

Fuji Speedway hosted a two-part fourth round of the Autobacs Super GT 2025 Series. This two-part race weekend became a summer racing moment to remember for the fans amid the inclement weather.

Screengrab from Super GT

The first part saw a full Supra podium with the #1 au TOM'S GR Supra the winner, the #38 KeePer CERUMO GR Supra the second placer, and the #37 Deloitte TOM'S GR Supra finished 3rd. The GT300 class saw the #777 D'station Vantage GT3 EVO the winner, the #4 GOODSMILE HATSUNE MIKU AMG the second placer, and the #65 LEON PYRAMID AMG finished 3rd.

The final part saw another full Supra podium with the #14 ENEOS X PRIME GR Supra the winner, the #1 au TOM'S GR Supra finished 2nd, and the #38 KeePer CERUMO GR Supra finished 3rd. In the GT300 class, the #777 D'station Vantage GT3 EVO wins again while the #2 HYPER WATER INGING GR86 GT finished 2nd, and the #65 LEON PYRAMID AMG finished 3rd again.

The next race is the Suzuka GT 300km Race this August 24, 2025.