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Semiconductor, battery, vaccine ‘R&D deduction’ ↑… 40% for large companies and 50% for Chinese companies

■ Things that change in the new year – Finance / Industry

Reduced electric vehicle subsidy by 1 million won
Good lessor benefits extended by 1 year

Tax support for national strategic technology-related R&D and facility investment will be strengthened from 2022 onwards. The Youth Hope Savings Savings Plan, which provides tax-free benefits to interest income, will be launched, and the upper limit of income from the work incentive will be raised by 200,000 won. Various support for electric and hydrogen vehicles is increasing, such as the expansion of the installation of eco-friendly car chargers, but the subsidy for electric vehicles will be reduced by 1 million won.

The government made this statement on the 31st in the booklet ‘This will change from 2022’. In order to promote investment in national strategic technologies in the three major fields, such as semiconductors, batteries, and vaccines, the tax credit rate for R&D and facility investment will be increased by 10 percentage points compared to conventional new growth and source technologies. A tax credit of 30-40% is provided for R&D of large and medium-sized enterprises and 40-50% for small and medium-sized enterprises. The tax credit rate for facility investment will also be raised by 3-4 percentage points.

From January 1, next year, the upper limit on the income of the working subsidy will be raised by 2 million won per household to expand support for low-income households. A number of measures are being promoted for the formation and stable management of young people’s assets. From next year, a youth-type long-term fund in which 40% of the paid amount (up to 6 million won per year) is deducted from income will be launched for young people whose total salary is less than 50 million won or whose global income is less than 38 million won. The Youth Hope Savings Savings (annual payment limit of 6 million won), which provides tax-free benefits to interest income, is scheduled to be launched in the first quarter.

The tax benefit for good landlords, which was scheduled to end at the end of this year, will be extended by one more year. The target also expanded from those who rented before January 31 of last year to those who rented before June 30 of this year. From next year, even if you only own overseas real estate, you will be required to submit data. The tax credit rate for fertility procedures will increase from 20% to 30%, and the tax credit rate for medical expenses for premature infants and children with congenital abnormalities will increase from 15% to 20%.

Loan regulations for household debt management are further tightened. From January next year, if the total loan amount is 200 million won or more, the total debt repayment ratio (DSR) will be regulated by 40%. From July, the same rate will be applied to cases where the total loan amount is KRW 100 million or more. However, it was decided to recognize exceptions from the credit loan regulation in cases where loans for marriage, funeral, surgery, etc. are absolutely necessary.

The late-night discount (30-50%) of expressway tolls is temporarily excluded for trucks and construction machinery that are overloaded or overloaded (more than twice a year). In order to actively respond to the increase in domestic air passengers, the domestic airport luggage delivery service will be expanded to major airports such as Gimhae and Cheongju from August next year. From February 5, next year, permission and registration for hydrogen product manufacturers such as hydrogen production facilities and fuel cells, and safety inspection of hydrogen products will be conducted. From January 28, the purchase of eco-friendly vehicles will become mandatory for large-scale private vehicle consumers such as rental cars, and the installation of eco-friendly car chargers will be expanded.

In the automobile sector, the deadline for the 30% reduction in the individual consumption tax to revitalize the domestic market will be extended by six months until June 30, 2022. Acquisition tax reduction (up to 1.4 million won) on electric/hydrogen vehicles is until December 31, 2024, and individual consumption tax (up to 1 million won) and acquisition tax (up to 400,000 won) on hybrid vehicles will be reduced and exempted until December 31, next year extended to On the other hand, the subsidy for electric vehicles will be reduced from the previous maximum of 8 million won to a maximum of 7 million won. The upper limit of the vehicle price that can be subsidized will also be lowered (60 million won → 55 million won based on 100% support). The discount on electric vehicle charging rates (25% of base salary, 10% of usage fee) will be abolished at sunset in July 2022. In order to expand the supply of electric and hydrogen vehicles, the mandatory purchase ratio of pollution-free vehicles by public institutions will be strengthened from 80% to 100%.

Reporters Lee Jung-woo, Park Jung-min, and Lee Jung-min

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