South Korea intends to provide tax breaks and assistance for chip industry

South Korea intends to provide tax breaks and assistance for chip industry
South Korea intends to provide tax breaks and assistance for chip industry

According to South Korea’s finance minister, comprehensive tax incentives under corporate changes intended to boost the value of listed businesses will be presented by authorities in the coming months.

Finance minister of South Korea stated that after getting further input from market players in upcoming months, authorities would present comprehensive tax incentives under corporate reforms meant to increase the value of listed companies.

In a media pool report made public on Tuesday, Minister Choi Sang-mok also promised that the government would keep working to promote the vital chip sector in the nation.

It’s time to talk about specific actions for the ‘Value-up Programme’. According to the pool report, Choi stated, “We intend to have two or more opportunities in June and July to gather opinions before the proposal of annual tax code revisions.”

Choi informed us that while preparing tax incentives for businesses taking part in the government’s “Corporate Value-Up Programme,” which was first announced in February with the goal of increasing the value of listed companies, authorities will strive to strike a balance between fairness and effectiveness.

South Korea has said that it will implement further tax cuts on corporate revenue for businesses that increase shareholder returns and on dividend income for the firms’ shareholders, given that the first proposal did not meet market expectations.

According to him, the government will also unveil specific plans to boost the nation’s semiconductor sector next month and will keep enhancing a package of recently unveiled policies meant to boost homegrown businesses’ ability to compete internationally.

According to Choi, signs of support for a three-way free trade agreement (FTA) with China and Japan were welcomed by South Korea, an export-oriented economy. The leaders of the three nations supported accelerating talks for a trilateral free trade agreement (FTA) at a trilateral conference on Monday.

Regarding the domestic economy, Choi predicted that in the second half of the year, consumer inflation would probably stabilize at the mid-to-lower 2% level. In addition, he predicted that tax collection in 2024 will surpass that of the previous year, despite the fact that corporate tax revenues have fallen short of projections thus far.

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