S. Korea Mulls Its Version of IRA for Local Manufacturing: DongA

South Korea may seek its own Inflation Reduction Act in a move to prevent the offshoring of key industries, DongA Ilbo newspaper says, without citing anyone.

• Finance ministry’s tax division recently briefed presidential panel on measures to boost domestic production; the policy is to provide tax benefits in proportion to the amount of production to national strategic technology industries including renewable energy, EV, batteries
• If adopted, companies can receive tax benefits for products sold to domestic consumers; South Korea is hoping the measure could help the nation counter US tariff increases
• Amount of tax benefits undecided

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