South Korea to offer tax cuts for seven key battery items

South Korea is moving to provide tax incentives for seven key battery-related items.

The Ministry of Trade, Industry and Energy has recently finalized seven items for inclusion under a production promotion tax scheme and requested a review by the Ministry of Economy and Finance.

The seven battery items are understood to include cells, cathode materials, anode materials, separators, electrolytes, precursors and lithium.

The ministry selected the items based on their importance to economic security and supply chains, the vulnerability of domestic production bases, the potential for production expansion through tax support, global competition and the level of overseas policy support.