South Korea to offer tax breaks on domestic chip and tech investments

SEOUL (Reuters) - South Korea said on Tuesday it would offer large tax breaks to semiconductor and other technology companies investing at home to strengthen its supply-chain security while boosting the economy.

Companies making capital investment at home would be given up to a 35% tax deduction and the steps would help save companies more than 3.6 trillion won ($2.82 billion) in their 2024 tax payment, the finance ministry said in a statement.

($1 = 1,276.1200 won)

(Reporting by Choonsik Yoo; editing by Christian Schmollinger)