Lawmakers have tendered proposals calling for income tax breaks to be offered to companies that make an endowment to sports bodies or competitions.
As with the tourism, restaurant and cultural sectors, whose revenues have plunged amid fears of the spread of COVID-19, the sports sector has been hit hard by the epidemic.
The Super Basketball League said that games scheduled for the second half of its 17th season would not be open to the public and tickets would be refunded.
Photo: Lin Cheng-kung, Taipei Times
Independent Legislator Chao Cheng-yu (趙正宇) and Democratic Progressive Party legislators Chang Liao Wan-chien (張廖萬堅) and Huang Kuo-shu (黃國書) have sponsored a proposed amendment to the Sports Industry Development Act (運動產業發展條例).
The proposal would give sports authorities the right to create a dedicated account to receive endowments from firms in the private sector, which would be eligible for an income tax deduction.
In Chao’s draft, profit-seeking enterprises can give endowments to government-designated professional or amateur sports bodies and have income tax deductions of no more than NT$25 million (US$829,738).
In Chang and Huang’s draft, endowments are divided into those for “key sports categories” and “approved sports categories,” and companies giving endowments to the former are exempt from the NT$25 million tax deduction ceiling.
To prevent tax sheltering, the draft proposal includes a provision that states that if the firm and the sports body are affiliated, the tax deduction must not exceed the endowment and would be subject to a NT$10 million upper limit.
In light of an expected fall in tax revenue, the proposals cap the amount that a sports body can receive at NT$3 billion per year.
In addition, those donating funds must request tax deductions within a specified period or forfeit the right to do so, the proposals say.
Professional sports bodies may only receive endowments within 10 years of the amendment’s ratification, while key and amateur sports bodies would be restricted to within five years of the amendment’s ratification, they state.
Chao said that he sponsored the proposal in a bid to improve the sports industry and help amateur sports competitions become professional by encouraging investment in sports, which would incentivize athletes to pursue a career locally and spur development of the industry.
CAUTION: Based on intelligence from the nation’s security agencies, MOFA has cautioned Taiwanese travelers about heightened safety risks in China-friendly countries The Ministry of Foreign Affairs (MOFA) yesterday urged Taiwanese to be aware of their safety when traveling abroad, especially in countries that are friendly to China. China in June last year issued 22 guidelines that allow its courts to try in absentia and sentence to death so-called “diehard” Taiwanese independence activists, even though Chinese courts have no jurisdiction in Taiwan. Late last month, a senior Chinese official gave closed-door instructions to state security units to implement the guidelines in countries friendly to China, a government memo and a senior Taiwan security official said, based on information gathered by Taiwan’s intelligence agency. The
The National Immigration Agency (NIA) said yesterday that it will revoke the dependent-based residence permit of a Chinese social media influencer who reportedly “openly advocated for [China’s] unification through military force” with Taiwan. The Chinese national, identified by her surname Liu (劉), will have her residence permit revoked in accordance with Article 14 of the “Measures for the permission of family- based residence, long-term residence and settlement of people from the Mainland Area in the Taiwan Area,” the NIA said in a news release. The agency explained it received reports that Liu made “unifying Taiwan through military force” statements on her online
Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, said yesterday that it is looking to hire 8,000 people this year, at a time when the tech giant is expanding production capacity to maintain its lead over competitors. To attract talent, TSMC would launch a large-scale recruitment campaign on campuses across Taiwan, where a newly recruited engineer with a master’s degree could expect to receive an average salary of NT$2.2 million (US$60,912), which is much higher than the 2023 national average of NT$709,000 for those in the same category, according to government statistics. TSMC, which accounted for more than 60 percent
Tung Tzu-hsien (童子賢), a Taiwanese businessman and deputy convener of the nation’s National Climate Change Committee, said yesterday that “electrical power is national power” and nuclear energy is “very important to Taiwan.” Tung made the remarks, suggesting that his views do not align with the country’s current official policy of phasing out nuclear energy, at a forum organized by the Taiwan People’s Party titled “Challenges and Prospects of Taiwan’s AI Industry and Energy Policy.” “Taiwan is currently pursuing industries with high added- value and is developing vigorously, and this all requires electricity,” said the chairman
RSS