Martial Arts and Semiconductor Tax Credit Rate Increase Bill Passed, "Welcome"

Amendment to the Restriction of Special Taxation Act Passed in the National Assembly Plenary Session

The amendment to the Restriction of Special Taxation Act, which includes the basis for raising the tax credit rate for advanced industries such as semiconductors, passed the National Assembly plenary session on the 30th, prompting the trade industry to express a welcoming stance.

The Korea International Trade Association (KITA) stated on the day, "The trade industry welcomes the passage of the amendment to the Restriction of Special Taxation Act," adding, "In the midst of fierce global hegemony competition surrounding advanced industries, this legislation, achieved through bipartisan agreement, will contribute to improving the competitive environment for domestic companies."

Trade Tower exterior / [Photo by Korea International Trade Association]

KITA expressed expectations that the bill will "induce domestic investment in future export industries such as semiconductors, secondary batteries, vaccines, displays, hydrogen, and future mobility, thereby increasing the potential growth rate of our economy." They also stated, "It can contribute to maintaining Korea's world No. 1 technological gap in memory semiconductor export competitiveness and increasing semiconductor production to strengthen economic security."

Finally, KITA requested, "Taking this legislation as an opportunity, we ask the government and the National Assembly to actively take measures to strengthen the export industry foundation, including regulatory innovation, labor reform, and the establishment of national advanced industrial complexes."

This content was produced with the assistance of AI translation services.