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LARGER TAX CREDITS FOR SEMICONDUCTORS
입력 2023.01.04 (15:13) 수정 2023.01.04 (16:45) News Today
[Anchor Lead]
From now on, there will be larger tax credits for conglomerates that invest in semiconductors. The government decided to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. This additional measure comes in 11 days since the tax credit expansion bill on conglomerates was passed.
[Pkg]
China announced an ambitious plan to boost its semiconductor industry. It's investing nearly 200 trillion won in the semiconductor sector. The U.S. introduced a 25-percent tax break on semiconductor investments to attract semiconductor factories. Japan has pledged over four trillion won in funding if Taiwan's TSMC builds a factory in the country. Taiwan has raised tax credit for cutting-edge R&D to 25 percent to keep TSMC at home.
[Soundbite] Ahn Ki-hyun(Korea Semiconductor Industry Association) : "Competition is more fierce now. Other countries are providing support to bolster their semiconductor sectors. But our govt's policies are quite worrisome."
Korea's ruling party proposed that tax credits for conglomerates' investments be more than tripled in a bid to boost the nation's semiconductor sector, but the raise passed recently in parliament is actually quite small. Some sources say that's because the Finance Ministry was concerned about a decrease in tax revenues. The semiconductor sector is urging tax credits be expanded because Korea lags behind its rivals in this respect and the competitiveness of domestic businesses will inevitably weaken. President Yoon ordered an expansion of support for semiconductors as Korea's security assets and core technology.
[Soundbite] Yoon Suk-yeol(President) : "We need to break through this complex crisis with exports and boost cutting-edge technologies and sectors to be able to compete on the global arena."
The government plans to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. A one trillion won investment in semiconductors will result in a tax break amounting to 150 billion won. Another 10 percent will be cut for businesses that invest more than the average amount of their investments in the previous three years. Samsung Electronics and SK Hynix will likely see their taxes dwindle by more than 3.6 trillion won in the next one year alone. With additional measures being released just 11 days after the tax credit expansion bill was passed, the government and the ruling party face yet another challenge of persuading the opposition bloc.
From now on, there will be larger tax credits for conglomerates that invest in semiconductors. The government decided to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. This additional measure comes in 11 days since the tax credit expansion bill on conglomerates was passed.
[Pkg]
China announced an ambitious plan to boost its semiconductor industry. It's investing nearly 200 trillion won in the semiconductor sector. The U.S. introduced a 25-percent tax break on semiconductor investments to attract semiconductor factories. Japan has pledged over four trillion won in funding if Taiwan's TSMC builds a factory in the country. Taiwan has raised tax credit for cutting-edge R&D to 25 percent to keep TSMC at home.
[Soundbite] Ahn Ki-hyun(Korea Semiconductor Industry Association) : "Competition is more fierce now. Other countries are providing support to bolster their semiconductor sectors. But our govt's policies are quite worrisome."
Korea's ruling party proposed that tax credits for conglomerates' investments be more than tripled in a bid to boost the nation's semiconductor sector, but the raise passed recently in parliament is actually quite small. Some sources say that's because the Finance Ministry was concerned about a decrease in tax revenues. The semiconductor sector is urging tax credits be expanded because Korea lags behind its rivals in this respect and the competitiveness of domestic businesses will inevitably weaken. President Yoon ordered an expansion of support for semiconductors as Korea's security assets and core technology.
[Soundbite] Yoon Suk-yeol(President) : "We need to break through this complex crisis with exports and boost cutting-edge technologies and sectors to be able to compete on the global arena."
The government plans to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. A one trillion won investment in semiconductors will result in a tax break amounting to 150 billion won. Another 10 percent will be cut for businesses that invest more than the average amount of their investments in the previous three years. Samsung Electronics and SK Hynix will likely see their taxes dwindle by more than 3.6 trillion won in the next one year alone. With additional measures being released just 11 days after the tax credit expansion bill was passed, the government and the ruling party face yet another challenge of persuading the opposition bloc.
- LARGER TAX CREDITS FOR SEMICONDUCTORS
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- 입력 2023-01-04 15:13:39
- 수정2023-01-04 16:45:07
[Anchor Lead]
From now on, there will be larger tax credits for conglomerates that invest in semiconductors. The government decided to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. This additional measure comes in 11 days since the tax credit expansion bill on conglomerates was passed.
[Pkg]
China announced an ambitious plan to boost its semiconductor industry. It's investing nearly 200 trillion won in the semiconductor sector. The U.S. introduced a 25-percent tax break on semiconductor investments to attract semiconductor factories. Japan has pledged over four trillion won in funding if Taiwan's TSMC builds a factory in the country. Taiwan has raised tax credit for cutting-edge R&D to 25 percent to keep TSMC at home.
[Soundbite] Ahn Ki-hyun(Korea Semiconductor Industry Association) : "Competition is more fierce now. Other countries are providing support to bolster their semiconductor sectors. But our govt's policies are quite worrisome."
Korea's ruling party proposed that tax credits for conglomerates' investments be more than tripled in a bid to boost the nation's semiconductor sector, but the raise passed recently in parliament is actually quite small. Some sources say that's because the Finance Ministry was concerned about a decrease in tax revenues. The semiconductor sector is urging tax credits be expanded because Korea lags behind its rivals in this respect and the competitiveness of domestic businesses will inevitably weaken. President Yoon ordered an expansion of support for semiconductors as Korea's security assets and core technology.
[Soundbite] Yoon Suk-yeol(President) : "We need to break through this complex crisis with exports and boost cutting-edge technologies and sectors to be able to compete on the global arena."
The government plans to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. A one trillion won investment in semiconductors will result in a tax break amounting to 150 billion won. Another 10 percent will be cut for businesses that invest more than the average amount of their investments in the previous three years. Samsung Electronics and SK Hynix will likely see their taxes dwindle by more than 3.6 trillion won in the next one year alone. With additional measures being released just 11 days after the tax credit expansion bill was passed, the government and the ruling party face yet another challenge of persuading the opposition bloc.
From now on, there will be larger tax credits for conglomerates that invest in semiconductors. The government decided to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. This additional measure comes in 11 days since the tax credit expansion bill on conglomerates was passed.
[Pkg]
China announced an ambitious plan to boost its semiconductor industry. It's investing nearly 200 trillion won in the semiconductor sector. The U.S. introduced a 25-percent tax break on semiconductor investments to attract semiconductor factories. Japan has pledged over four trillion won in funding if Taiwan's TSMC builds a factory in the country. Taiwan has raised tax credit for cutting-edge R&D to 25 percent to keep TSMC at home.
[Soundbite] Ahn Ki-hyun(Korea Semiconductor Industry Association) : "Competition is more fierce now. Other countries are providing support to bolster their semiconductor sectors. But our govt's policies are quite worrisome."
Korea's ruling party proposed that tax credits for conglomerates' investments be more than tripled in a bid to boost the nation's semiconductor sector, but the raise passed recently in parliament is actually quite small. Some sources say that's because the Finance Ministry was concerned about a decrease in tax revenues. The semiconductor sector is urging tax credits be expanded because Korea lags behind its rivals in this respect and the competitiveness of domestic businesses will inevitably weaken. President Yoon ordered an expansion of support for semiconductors as Korea's security assets and core technology.
[Soundbite] Yoon Suk-yeol(President) : "We need to break through this complex crisis with exports and boost cutting-edge technologies and sectors to be able to compete on the global arena."
The government plans to provide 15 percent tax credits for conglomerates' investments and 25 percent to SMEs. A one trillion won investment in semiconductors will result in a tax break amounting to 150 billion won. Another 10 percent will be cut for businesses that invest more than the average amount of their investments in the previous three years. Samsung Electronics and SK Hynix will likely see their taxes dwindle by more than 3.6 trillion won in the next one year alone. With additional measures being released just 11 days after the tax credit expansion bill was passed, the government and the ruling party face yet another challenge of persuading the opposition bloc.
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