South Korea Weighs Tax Benefits For Domestic Chip And Tech Investments - Taiwan Semiconductor (NYSE:TSM)

South Korea shared plans to offer significant tax breaks to semiconductor and other technology companies investing at home to boost its supply-chain security and the economy.
Companies making a domestic capital investment will win up to a 35% tax deduction which would help companies save over 3.6 trillion won ($2.82 billion) in 2024 tax payments, Reuters reports citing the finance ministry.
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Taiwan, home to the largest contract chipmaker Taiwan Semiconductor Manufacturing Company Ltd TSM, and the U.S. disclosed plans to bring chip production onshore and support the domestic industry.
However, South Korea's tax break plans were subject to approval by the parliament.
Price Action: TSM shares traded higher by 0.39% at $74.78 on the last check Tuesday.