World’s first “robot tax” debuts in South Korea

Sep 08, 2017, 4:15 AM EDT
(Source: untitled exhibitions/flickr)
(Source: untitled exhibitions/flickr)

Taking a leaf out of billionaire Bill Gates’ book, South Korea has become the world’s first country to impose a tax on robots, a step that might open the floodgates of economic restrictions on automation amid fears that machines might displace human workers in near future.

Under a tax revamp, the country will now limit tax incentives for investments in automated machines and will pump the funds to welfare and training schemes meant for those laid off due to automation, writes The Telegraph.

Reports from esteemed organizations, including Harvard University and Oxford University, present a bleak picture for the human workforce as about 45% of today’s jobs are expected to get automated by 2030, notes Global Futurist.