"Discussion on Expanding the Tax Credit for Semiconductor Industry Should Take Place in February National Assembly"

Joo Ho-young "If Legislation Is Delayed by a Day, Semiconductors Will Decrease by 1%, Be Prepared"
Seong Il-jong "At Least Incentive Standards Should Be Set at the Level of Competing Countries"

[Asia Economy Reporters Hyunju Lee and Youngwon Kim] The People Power Party stated on the 3rd that the Special Tax Treatment Control Act, which expands tax credits for investments in national strategic technology facilities such as semiconductors, should be actively discussed during the February extraordinary session of the National Assembly.

Joo Ho-young, the floor leader of the People Power Party, said at the party's strategy meeting held at the National Assembly on the same day, "The tax credit rate of the 'K-chips Act,' which was barely passed at the end of last year, is only 8%," adding, "Instead of giving wings to companies, we have tied them down with sandbags."

Joo Ho-young, floor leader of the People Power Party, is attending the party floor strategy meeting held at the National Assembly on the 3rd, greeting the attendees. Photo by Dongju Yoon doso7@

Floor leader Joo said, "President Yoon Suk-yeol also feels strongly about this issue and has proposed additional semiconductor tax support measures, so we must actively and swiftly discuss ways to significantly increase tax credits for facility investments in the February National Assembly session," adding, "If legislation is delayed by even one day, we must hurry with the determination that semiconductor exports will decrease by 1%. I hope the opposition party shares this sense of crisis and actively participates."

Seong Il-jong, chairman of the Policy Committee, also said, "There are bills that can no longer be postponed for the lives of the people and the future of the country waiting for discussion in the National Assembly," and urged, "Democratic Party members, please do your work."

Joo Ho-young, floor leader of the People Power Party, is attending the party floor strategy meeting held at the National Assembly on the 3rd and delivering opening remarks. Photo by Dongju Yoon doso7@

He further emphasized, "Semiconductor businesses such as Samsung Electronics even recorded an earnings shock last year," and stressed, "The National Assembly should not block the establishment of at least minimum incentive standards at the level of competing countries."

He also said, "The National Finance Act for the introduction of fiscal rules, which Democratic Party members also agree is necessary, has not been properly discussed in the standing committee," and called for prompt passage of this along with the Materials, Parts, and Equipment Industry Act and the Distribution Industry Development Act.