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South Korea Clarifies Temporarily Increased Tax Credits for Investment

|Approved Changes|South Korea
South Korea

South Korea's Ministry of Finance has issued a notice on the temporarily increased tax credit benefits for qualifying investments in 2023. As previously reported, the so-called K-Chips Act was approved by the National Assembly on 30 March 2023, providing for both permanent and temporary increases in the country's tax credits for investment in manufacturing with effect from 1 January 2023. The temporary increases apply for investments made in 2023, including the tax credits for investment in…

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