The legislature on Dec. 21 passed an amendment to extend tax breaks for investing in biomedical research and development (R&D), while providing tax benefits to promote the development of Taiwan’s biomedical industry.
The amendment to the Act for the Development of Biotech and New Pharmaceuticals Industry (生技新藥產業發展條例), which cleared its third reading in the legislature, extends the law until the end of 2031.
The amendment expands the law starting this year to cover emerging fields such as regenerative medicine, digital health and precision medicine, including contract development and manufacturing organizations.
New tax reductions are also provided to further promote the development of emerging biotechnology and pharmaceutical products in Taiwan.
For example, biopharmaceutical companies that invest NT$10 million to NT$1 billion (US$361,899 to US$36.2 million) per year in new equipment or systems can receive a 5 percent corporate income tax reduction for one year, or a 3 percent tax reduction for three consecutive years.
Additionally, an individual investor who invests more than NT$1 million in cash in a biopharmaceutical company for one year and is registered as a shareholder of the company for more than three years can receive an income tax reduction for up to 50 percent of the investment.
Under the amendment, a biopharmaceutical company can receive a corporate income tax reduction of up to 25 percent of total funds invested in R&D and personal training for five years.
Before the amendment, a company received a corporate tax reduction of up to 35 percent of its investment.
The Cabinet, which proposed the amendment, said that the changes reflect the reduction of corporate income tax from 25 percent to 20 percent in 2018.
Death row inmate Huang Lin-kai (黃麟凱), who was convicted for the double murder of his former girlfriend and her mother, is to be executed at the Taipei Detention Center tonight, the Ministry of Justice announced. Huang, who was a military conscript at the time, was convicted for the rape and murder of his ex-girlfriend, surnamed Wang (王), and the murder of her mother, after breaking into their home on Oct. 1, 2013. Prosecutors cited anger over the breakup and a dispute about money as the motives behind the double homicide. This is the first time that Minister of Justice Cheng Ming-chien (鄭銘謙) has
BITTERLY COLD: The inauguration ceremony for US president-elect Donald Trump has been moved indoors due to cold weather, with the new venue lacking capacity A delegation of cross-party lawmakers from Taiwan, led by Legislative Speaker Han Kuo-yu (韓國瑜), for the inauguration of US president-elect Donald Trump, would not be able to attend the ceremony, as it is being moved indoors due to forecasts of intense cold weather in Washington tomorrow. The inauguration ceremony for Trump and US vice president-elect JD Vance is to be held inside the Capitol Rotunda, which has a capacity of about 2,000 people. A person familiar with the issue yesterday said although the outdoor inauguration ceremony has been relocated, Taiwan’s legislative delegation has decided to head off to Washington as scheduled. The delegation
TRANSPORT CONVENIENCE: The new ticket gates would accept a variety of mobile payment methods, and buses would be installed with QR code readers for ease of use New ticketing gates for the Taipei metro system are expected to begin service in October, allowing users to swipe with cellphones and select credit cards partnered with Taipei Rapid Transit Corp (TRTC), the company said on Tuesday. TRTC said its gates in use are experiencing difficulty due to their age, as they were first installed in 2007. Maintenance is increasingly expensive and challenging as the manufacturing of components is halted or becoming harder to find, the company said. Currently, the gates only accept EasyCard, iPass and electronic icash tickets, or one-time-use tickets purchased at kiosks, the company said. Since 2023, the company said it
Another wave of cold air would affect Taiwan starting from Friday and could evolve into a continental cold mass, the Central Weather Administration (CWA) said yesterday. Temperatures could drop below 10°C across Taiwan on Monday and Tuesday next week, CWA forecaster Chang Chun-yao (張竣堯) said. Seasonal northeasterly winds could bring rain, he said. Meanwhile, due to the continental cold mass and radiative cooling, it would be cold in northern and northeastern Taiwan today and tomorrow, according to the CWA. From last night to this morning, temperatures could drop below 10°C in northern Taiwan, it said. A thin coat of snow
RSS