In the global battle for technology leadership in the important chip industry, Taiwan wants to defend its top position with new tax breaks. Discounts for research and development are planned, Economy Minister Wang Mei-Hua said Thursday.
“Most importantly, the benefits far outweigh the tax cuts.” However, details are still being worked out.
Taiwan is a leader in chip production. It is home to the world’s largest contract manufacturer, TSMC, which supplies Apple, among others. Influenced by the supply problems caused by the pandemic and the ongoing tensions between Taiwan and China, industrialized countries are promoting domestic semiconductor production.
With the Chip Act of 45 billion euros, the EU aims to double its market share on the global chip market by 2030. The US is spending nearly $53 billion (50.90 billion euros) on a similar program. Japan and South Korea also announced funding programs.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
