Japan eyes tax break for domestic EV battery, chip production Nikkei

News Snapshot:

TOKYO, Aug 11 (Reuters) - Japan plans to create tax breaks for domestically-made electric vehicle (EV) batteries and semiconductors from April 2024 to enhance economic security, the Nikkei newspaper reported on Friday. The move would follow similar industrial policies in the United States and European Union aimed at encouraging companies to bring production home from China, and would also facilitate the country's energy transition. For the government's fiscal 2024 tax code revision, the Ministry of Economy, Trade and Industry will propose the tax cuts for companies manufacturing strategically crucial items in Japan, Nikkei said. Akin to the U.S. Inflation Reduction...