Home » Up to 25% of semiconductor tax deduction for large corporations… LH·SH Total Real Estate Tax Burden Reduced :: Sympathy Media Newsis News Agency ::

Up to 25% of semiconductor tax deduction for large corporations… LH·SH Total Real Estate Tax Burden Reduced :: Sympathy Media Newsis News Agency ::

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Up to 25% of semiconductor tax deduction for large corporations…  LH·SH Total Real Estate Tax Burden Reduced :: Sympathy Media Newsis News Agency ::

Expansion of tax credits for facility investment in national strategic technologies such as semiconductors and hydrogen

General progressive tax rate of up to 2.7% for public housing businesses with 3 or more houses

Gohang Love Donation Applicable from donations made after January 1 of this year

[서울=뉴시스] Correspondent Choo Sang-cheol = Secretary of the ruling party Seong-geol Ryu and secretary of the opposition party Dong-geun Shin at the general meeting of the Planning and Finance Committee held at the National Assembly in Yeouido, Seoul on the morning of the 22nd. 2023.03.22. [email protected]

[세종=뉴시스]Correspondent Lim Ha-eun = The amendment to the Restriction of Special Taxation Act (K-Chips Act), which increases the tax credit rate for semiconductor facility investment up to 25%, and the Comprehensive Real Estate Tax Act, which lowers the comprehensive real estate tax rate for public housing business operators, were announced by the National Assembly Planning and Finance Committee on the 22nd. has passed

Accordingly, the tax credit rate for investment in semiconductor facilities will increase to 15% for large companies and 25% for small and medium-sized enterprises. Considering the additional 10% deduction requirement for the increase in investment, tax credits of up to 25% and 35% are applied to large enterprises and SMEs, respectively. Carbon-neutral industries such as hydrogen and future means of transportation have also been added to the national strategic technology items to which benefits are applied.

The passage of the revised Comprehensive Real Estate Tax Act (Comprehensive Real Estate Tax) will ease the tax burden of public housing operators and public rental corporations such as Korea Land and Housing Corporation (LH) and Seoul City Housing Corporation (SH).

The tax law amendment bill passed on this day will be submitted to the plenary session on the 30th after going through the Legislation and Judiciary Committee of the National Assembly.

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Expansion of tax credits for facility investment in national strategic technologies such as semiconductors, secondary batteries, and hydrogen

The tax credit rate for investments in national strategic technology facilities such as semiconductors will increase from 8% to 15% for large and medium-sized companies, and from 16% to 25% for SMEs.

The temporary investment tax credit (import tax), which was revived after 12 years, will be introduced temporarily for one year this year. Immovation tax is a system that provides a certain level of additional tax benefits to corporate investments regardless of the type of investment or purpose.

The tax credit rate for investment in general facilities will be raised from 1-10% to 3-12% by 2 percentage points (p). It will increase from 1% to 3% for large enterprises, from 5% to 7% for medium-sized enterprises, and from 10% to 12% for small and medium-sized enterprises.

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[세종=뉴시스] Details of the increase in the tax deduction rate for investments in national strategic technology facilities such as semiconductors. (Data = Provided by the Ministry of Strategy and Finance) 2023.03.22. *Resale and DB prohibited

In the case of new growth and source technologies, the rate is raised by 3 to 6 percentage points depending on the size of the company, from 3 to 12 percent to 6 to 18 percent. The deduction benefit increases from 3% to 6% for large companies, from 6% to 10% for medium-sized companies, and from 12% to 18% for small and medium-sized enterprises.

The additional tax credit rate for the increase in investment will be additionally deducted at 10% until this year. Existing deduction rates were 3% for general facility investment, 3% for new growth/source technology, and 4% for national strategic technology. The amendment expands to a lump sum 10% deduction.

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National strategic technology items subject to tax credit benefits are expanded from existing semiconductors, secondary batteries, vaccines, and displays to carbon-neutral industries such as hydrogen and future vehicles.

Applying a general progressive tax rate of up to 2.7% for public housing businesses with 3 or more houses

Even when public housing operators such as LH and SH and public service corporations own three or more houses, the basic progressive tax rate (0.5~2.7%) is applied instead of the heavy progressive tax rate (0.5~5.0%).

The purpose is to normalize the tax burden on corporations that have nothing to do with speculation.

Targets include public housing operators, public interest corporations, housing associations, redevelopment/reconstruction project implementers, private construction rental housing operators, social enterprises and social cooperatives.

However, in the case of a public service corporation, it is limited to a corporation that owns only houses used for public interest projects. Public corporations that do not fall under this category are subject to the heavy tax progressive tax rate as it is if they have three or more houses.

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[서울=뉴시스] Reporter Kwon Chang-hoe = Nonghyup Central Chairman Lee Seong-hee (from left), Seo Young-gyo, and Democratic Party lawmaker Eogu are distributing rice cakes to citizens as part of a promotional campaign for the New Year’s Love Hometown Donation Campaign at the Seoul Station waiting room in Jung-gu, Seoul on the morning of January 19. 2023.01.19. [email protected]

Gohang Love Donation Applicable from donations made after January 1 of this year

The tax credit for donations to love hometown, which was controversial because the implementation date was incorrectly set to 2025, will be adjusted so that it is applied starting from January 1 of this year.

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Among income deductions such as credit cards, the deduction rate for public transportation use this year will also be temporarily raised from 40% to 80%.

In addition, tax exemptions for high-risk, high-yield bond investment trusts will be newly established to improve corporate financing conditions.

If you invest for more than one year in an investment trust that incorporates non-prime bonds at a certain rate, the interest and dividend income generated from the fund is taxed separately at a 14% tax rate.

It is limited to income generated for three years after joining, and the application limit is KRW 30 million per person. It applies to subscriptions through December 31 of the following year.

Interest income from government bonds for personal investment is also taxed separately at a 14% tax rate.

If government bonds for personal investment, which will be newly created under the National Bond Act, are purchased and held for a certain period of time, the interest income generated from the bonds is taxed separately at a 14% tax rate.

The application limit is KRW 200 million per person, and applies to purchases made by December 31 next year.

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[서울=뉴시스] Correspondent Choo Sang-cheol = Deputy Prime Minister of Economy and Minister of Strategy and Finance Chu Kyung-ho attends a plenary meeting of the Strategy and Finance Committee held at the National Assembly in Yeouido, Seoul on the morning of the 22nd. 2023.03.22. [email protected]

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