Choi Sang-mok "Reviewing Extension of Temporary Investment Tax Credit Next Year"

Choe Sang-mok, the Deputy Prime Minister and Minister of Economy and Finance nominee, is delivering opening remarks at the confirmation hearing held at the National Assembly on the 19th. Photo by Kim Hyun-min kimhyun81@

Choi Sang-mok, the nominee for Deputy Prime Minister and Minister of Economy and Finance, stated that he will consider extending the temporary investment tax credit into next year.

On the 19th, Choi made this remark in response to a question from Park Dae-chul of the People Power Party regarding the extension of the temporary investment tax credit during the National Assembly Planning and Finance Committee confirmation hearing.

The temporary investment tax credit is a system that provides an additional 10 percentage points of tax credit on increased corporate investments. Earlier this year, the government introduced the temporary investment tax credit through the 'K-Chips Act,' which temporarily increased the tax credit rate from 4% to 10% on increased corporate investments in national strategic technologies for this year. Choi responded that he intends to extend the application period of the temporary investment tax credit, which is scheduled to expire at the end of this month.

Accordingly, it is expected that the extension of the temporary investment tax credit will be included in the '2024 Economic Policy Direction' to be announced in January next year.

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