South Korea introduces first ever robot tax

South Korea has announced the world’s first ever robot tax, reducing tax benefits in the automation industry, as a result of concerns for mass unemployment with the increased automation of industries. According to newspapers, the move aims to make up for lost taxes, as workers will gradually be replaced by machines. The tax is meant to provide resources for welfare plans ahead of expected spikes in unemployment. Earlier tax deduction benefits for investments in automation will be reduced. The robotics industry has criticised the decision, claiming it would impede innovation.