S. Korea to expand tax incentives for chip industry

Finance Minister Choo Kyung-ho, who doubles as the deputy prime minister for economic affairs, speaks during a press conference at the government complex in Seoul on Jan. 3, 2023, to announce that South Korea will seek to expand tax incentives for strategic industries, such as chips, amid the heightening competition in the global market. Under the proposed tax code revision, the government will apply a higher tax credit rate of 15 percent on facility investment in the chip industry for conglomerates, higher than the recently passed revision of 8 percent, according to the Ministry of Economy and Finance. (Yonhap)

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