South Korea's Ministry of Finance has issued a notice on legislation known as the K-Chips Act, which was approved by the National Assembly on 30 March 2023. The legislation provides for both permanent and temporary increases in the country's tax credits for investment in manufacturing.
The permanent increases are made to the investment tax credit for investment in national strategic technology as follows:
- Large companies - increased from 8% to 15% (note, previously increased from 6% as pa…