Taiwan Offers Tax Rebate to Hi-Tech Finance Firms
April 22, 2016 Taxation in Taiwan
TAIPEI – Financial firms in Taiwan could see their tax bill slashed by 30 percent, if they carry out research and development of new and innovative financial systems and technologies.
On April 21st the Financial Supervisory Commission of Taiwan announced that it is looking to implement tax breaks for financial service providers engaging in research and development activities over the course of 2016.
Once enacted, the tax refund will allow financial technology company to slash their tax bill by 15 percent of their spending on research and development of new technologies, systems, and software.
The tax rebate will be capped at a maximum of 30 percent of the total tax obligations owed by the company for the year.
The FSC intends to implement the tax breaks by the end of May, and will allow businesses to enjoy the refunds retroactively for research conducted in 2016.
The tax breaks on research and development are intended to provide financial incentives for fin-tech businesses to create and implement innovative financial systems to help the national finance industry grow.
Photo by: Francisco Diez