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[Alpha Biz=(Chicago) Reporter Kim Jisun] An amendment to the "K-chips Act" (Restriction of Special Taxation Act), which increases the tax deduction rate for investments in national strategic industrial facilities such as semiconductors, passed the plenary session of the National Assembly on the 30th. Tax incentives for private investment bonds were also passed on the same day.
The Ministry of Strategy and Finance announced that the National Assembly passed a revision bill to the Special Act on Special Cases concerning Tax Credit to expand the benefits of tax deductions when companies invest in facilities in national strategic industries such as semiconductors.
Under the special law, national strategic technologies included future means of transportation such as semiconductors, secondary batteries, vaccines, displays and electric vehicles. The tax deduction rate will be expanded from the current 8 percent to 15 percent for large and medium-sized companies in the sector and from 16 percent to 25 percent for small and medium-sized companies.
The Ministry of Economy and Finance explained, "By providing 25% tax deductions for semiconductor investment, the world's best tax support is now possible compared to semiconductor powerhouses such as the United States."
For the increase in investment compared to the average annual investment in the previous three years, the government will also provide a 10% temporary investment tax deduction this year alone. As a result, large and medium-sized companies can receive an investment tax deduction of up to 25% and small and medium-sized companies 35%.
With the temporary investment tax deduction, the tax deduction rate for new growth and source technology will be raised to 6% for large companies, 10% for mid-sized companies and 18% for small and medium-sized enterprises.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
