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South Korea Planning to Introduce Tax Incentives and Other Support for Semiconductor Industry — Orbitax Tax News & Alerts

South Korea's Ministry of Economy and Finance is planning to introduce tax incentives and other support for the semiconductor industry as part of its medium to long-term tax policy. The support was reportedly discussed during a meeting held on 25 May 2021, including support for the production of automotive chips and other key parts and materials considering the current global shortage, as well as the production of rare-earth permanent magnets for electric vehicles. Support for R&D in these areas is also being considered.

Details of the tax incentives and other support will be published once available.