South Korea announced a series of tax incentives, including cutting one of the world's highest inheritance taxes and extending support for chipmakers, to boost stocks and stimulate the economy, according to Bloomberg. South Korean President Yoon Seok-yeol said the inheritance tax rate was one of the reasons why the Korean market has lagged behind foreign competitors. The government plans to extend tax incentives for key technology industries such as semiconductors for three years and postpone planned taxes on cryptocurrency holdings for two years. South Korea also plans to cancel plans to impose capital gains taxes on financial investment income. The latest proposal also includes tax incentives for married couples and reducing the tax burden on employers who provide financial support to employees with children. The measures are expected to reduce government revenue by about 4.4 trillion won (US$3.2 billion) over five years. The government plans to submit them to parliament for deliberation after formal approval at a cabinet meeting at the end of August.