South Korean government will raise tax incentives for Semiconductor, EV Battery, and Vaccine industries

The South Korean government has decided to increase tax incentives for large companies investing in semiconductors, electric vehicle batteries, vaccines, and other industries.


According to the South Korean government, the tax deduction rate applicable to large companies investing in strategic technology-related facilities in the three major countries will be increased by 2 percentage points.

Currently, the maximum deduction rates applicable to large, medium, and small businesses are 10%, 12%, and 20% respectively. At the same time, the South Korean government plans to significantly increase the number of national strategic semiconductor technology projects, currently 20, and financial support will also increase.

However, the report pointed out that the above-mentioned preferential tax policies do not apply to the display field. The South Korean government has decided to designate OLED technology as the core source technology and implement up to 6% tax relief for large enterprises.


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