Lee urges tax flexibility as South Korea advances chip and AI zone law

President Lee Jae Myung said South Korea's Aug. 3 tax reform package should remain open to revision after backlash over changes to the conventional individual savings account, or ISA, and defended open Cabinet disagreements over whether semiconductor researchers should be exempt from the country's 52-hour workweek. At the same meeting, the government said it plans to draft a year-end special law for "super special zones," also described in later reporting as the "megaspecial zone act," to accelerate approvals, environmental reviews and infrastructure for semiconductor, AI data center and physical AI projects. Industry Minister Kim Jung-kwan said the first phase of the Honam, or Jeolla, semiconductor cluster is targeted for completion in 2029, with construction to start after the Gwangju military airfield site is handed over in 2028 and with power and water support being prepared in parallel.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.