Choo Kyung-ho: "Additional Tax Support Bill for Semiconductors... To Be Submitted to the National Assembly Within This Month"

[Asia Economy Sejong=Reporter Dongwoo Lee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated regarding the additional tax support plan for semiconductor facility investment by large corporations, "We plan to submit the related bill to the National Assembly within this month."

On the afternoon of the 4th, Deputy Prime Minister Choo met with reporters at the Sejong Government Complex and said, "Regarding the content of the recently announced (additional tax support plan), we will explain and seek understanding from the National Assembly to join forces in revitalizing investment," adding, "We will try to complete the legislation through discussions within February if possible."

He continued, "When discussing corporate tax last time, some members within the National Assembly suggested that it would be better to discuss measures that directly target investment gains rather than corporate tax," and added, "(The additional tax support plan) provides tax credits for the invested portion, so the more you invest, the greater the benefits, and we will actively ask for shared understanding and agreement on this structure."

Regarding the evaluation that the additional tax support plan could provide about 5 trillion won in benefits to Samsung Electronics, Deputy Prime Minister Choo emphasized, "This is not an issue solely for specific large corporations or large corporations alone, but a bill that affects the ecosystem of parts and materials companies, including medium-sized and small enterprises related to large corporations."

When asked whether President Yoon Suk-yeol's remarks influenced the government's review of the tax reform plan passed by the National Assembly at the end of last year through bipartisan agreement, he said, "Since there was a directive from the President regarding issues we were also concerned about, we quickly reviewed and finalized the parts we were examining."

Regarding whether there was prior consultation with the opposition party, the Democratic Party of Korea, about the bill, he added, "We cannot negotiate such policies with the opposition party, and there may be various opinions with different thoughts. We will actively seek understanding."

[Image source=Yonhap News]