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.
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