The Act for Development of Small and Medium Enterprises, amended and promulgated on June 4, 2014, adds tax incentives for research, development and innovation by small and medium enterprises, and for hiring additional employees.  The amendment also adds a new rule deferring the levy of taxes on shares obtained through contribution of technology, i.e., when an individual or a small/medium enterprise transfers intellectual property rights to a non-public company in exchange for the company’s newly issued shares, the income tax on such shares is to be levied only when such shares are actually re-transferred, given or distributed as part of a bequest.