It is reported that the National Assembly has passed the ‘K-Chips Act’, a law to bolster the semiconductor industry by increasing tax incentives for chipmakers. This act raises the tax credit rate for conglomerates from 15% to 20% and for small and medium-sized businesses from 25% to 30% for investments in national strategic industries, including semiconductors. Additionally, the act extends the period for research and development tax credits for new technologies and national strategic technologies by five years to 2029, and for semiconductors by seven years to 2031. The new measures will take effect upon their promulgation.
Click here for the official article/release
Disclaimer
The Legal Wire takes all necessary precautions to ensure that the materials, information, and documents on its website, including but not limited to articles, newsletters, reports, and blogs (“Materials”), are accurate and complete. Nevertheless, these Materials are intended solely for general informational purposes and do not constitute legal advice. They may not necessarily reflect the current laws or regulations. The Materials should not be interpreted as legal advice on any specific matter. Furthermore, the content and interpretation of the Materials and the laws discussed within are subject to change.
