The Ministry of Economic Affairs said it would offer tax incentives for research and development, and for advanced equipment investment for local firms that era important links in global supply chains, such as semi-conductor companies. The ministry plans to raise tax benefits for R&D to a 25% rebate on costs, compared with 15% currently. The ministry also plans to eliminate a tax deduction limit of 1 billion New Taiwan Dollars on newly acquired advanced equipment. The legislature is expected to pass the measures, which would be added to the Statute for Industrial Innovation, later this year. The move comes as a reaction to other major economies seeking to bolster key components and semiconductor supply chains. Whether it is in reaction to Taiwan's partners plans for reshoring or friend-shoring, it's important that Taiwan continues to innovate and grow their patent portfolio to stay competitive. The ministry is looking to make strategic moves to safeguard Taiwan's global role in key industries.
Friday, July 22 2022 \ Published by Deep & Far Attorneys-at-law.