South Korea Offering Tax Breaks to Boost Chipmaking Sector

South Korea’s $450 billion push to build its strategic chipmaking industry includes tax perks for research and development, the government said Thursday.

In a major industrial planning policy announcement, the Ministry of Trade, Industry and Energy said it was “significantly strengthening the tax credit for R&D and facility investment in order to achieve core strategic technology and to promote the expansion of mass production facilities” from 2021 to 2024.

• Small and mid-sized companies will receive R&D tax breaks of up to 50%.
• Larger companies will be able to deduct up to 40% of their R&D spending, reducing the burden ...