SEOUL: South Korean battery and energy firms that have already built production sites in the United States are expected to receive tax credits from the US Inflation Reduction Act (IRA), South Korea’s Trade, Industry and Energy Ministry says. The US Department of Treasury earlier unveiled proposed guidelines for manufacturers looking to receive consumer tax credits for making eco-friendly energy components such as batteries for electric vehicles and solar panels. The tax credits will be effective through 2032. It added that South Korean firms in the battery, solar panel and wind sectors will greatly benefit from the tax credits. Section 45X consists of a US$35 tax credit per one kilowatt-hour of a battery cell.

Source: The Star December 18, 2023 06:46 UTC