Japan plans 10-year tax breaks for EV and chip production (asia.nikkei.com)
from naturalgasbad@lemmy.ca to world@lemmy.world on 12 Dec 2023 20:43
https://lemmy.ca/post/11197466

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autotldr@lemmings.world on 12 Dec 2023 20:45 collapse

This is the best summary I could come up with:

TOKYO – The Japanese government plans to offer 10 years of tax incentives to promote mass production in five areas, including electric vehicles and semiconductor devices.

The ruling Liberal Democratic Party will include the measures in the fiscal 2024 tax reform framework to be finalized as early as this week.

For semiconductors, businesses will receive up to a 20% break on the corporate income tax each fiscal year.

Policymakers have also decided on specifics to the “innovation box” tax preferences to draw research and development centers to Japan.

The government is also modifying the formula for the prefectural corporate taxation system that levies taxes on businesses based on their size.

Lawmakers are also extending the deadline to apply for tax breaks to promote the transfer of small businesses to younger generations.

The original article contains 378 words, the summary contains 131 words. Saved 65%. I’m a bot and I’m open source!