South Korea plans to increase tax breaks on research and capital spending by semiconductor, battery, and vaccine makers as it looks to secure future economic growth, according to a finance ministry tax proposal.
- For industries seen as critical for economy in coming years, government will apply tax deduction of up to 50% of small companies’ R&D costs and 16% of their facilities investment
- For large companies, tax deduction to be applied up to 40% of R&D investment and 6% of facilities investment
- Deductions to be applied until end-2024
- For other industries, deduction currently ranges from 2-25% of R&D costs depending ...
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