South Korea to offer tax breaks to hedge semiconductor woes
South Korea is prepared to offer big tax breaks to semiconductor manufacturers and other technology companies in a bid to boost its cutting-edge industries and the broader economy.
In a statement sent to news agencies, the Ministry indicated that the tax plans, set to be proposed this month, could see technology companies in South Korea save upwards of ₩3.6 trillion in total tax payments for 2024. However, according to The Korea Herald, Finance Minister Choo Kyung-ho said during a press briefing that semiconductors are a"backbone industry" and"strategic asset" that is directly related to the country's future competitiveness, national security, and survival.
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