Lawmakers have raised the tax credit for companies making investments in the semiconductor industry. 

The so-called "K-Chips Act" passed the National Assembly on Thursday, boosting the tax credit for facility investment in the semiconductor sector by five percentage points.

With the new incentive measure, conglomerates and other large enterprises will be provided a tax credit of up to 20 percent for investments in semiconductor facilities.

Small and medium-sized enterprises(SMEs) will receive up to 30-percent credit for the their investments in the chip sector.