Taiwan to further boost semiconductor industry

On Thursday, Taiwan’s government offered further tax breaks for technology companies’ research and development work to further support the important semiconductor industry and maintain its international competitiveness.

The proposal includes amendments to the Industrial Innovation Act proposed by the Ministry of Economy to increase the corporate income tax deduction from 15% to 25%. The amendment must be approved by Parliament for the law to be passed.

The Ministry of Economy said Taiwan must remain competitive as countries such as the U.S., Japan, and South Korea increase their tax breaks and subsidies for the chip industry.

But the government has also encouraged some companies like TSMC to build new factories in the U.S. and Japan, which provide strong international support for Taiwan.

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