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Amendments to Taiwan's Creative Industry Law Boost Investment Incentives

Taiwan's Ministry of Culture has recently proposed amendments to the "Development of the Cultural and Creative Industries Act" aimed at boosting the Taiwan's cultural and creative industries. The amendments, which include tax incentives for investment and penalties for scalping, have been approved by the Executive Yuan and are awaiting legislative review.

One of the key changes in the proposed amendments is the inclusion of cultural and creative industries as a national strategic priority. This means that individuals and businesses investing in these industries can now enjoy tax incentives. Under the new provisions, for-profit businesses that invest in cultural and creative projects, such as films or television shows, can enjoy tax deductions of up to 50% of their annual income tax. Individual investors who invest in startups in this field can also receive deductions of up to 50% of their personal income tax, capped at NT$3 million (US$105,000).

In addition, the amendments include measures to crack down on scalping, a phenomenon that has become increasingly prevalent in Taiwan's entertainment industry in recent years. The new provisions stipulate that anyone caught reselling tickets for more than their face value or using bots to purchase tickets will face fines of 10 to 50 times the ticket price or up to three years in prison and/or a fine of up to NT$3 million.

The Ministry of Culture has emphasized that the proposed amendments are aimed at promoting the development and growth of Taiwan's cultural and creative industries while ensuring that the general public has access to cultural content at a reasonable price. Culture Minister Lee Yung-te said, "Our goal is to turn Taiwan into a hub for cultural and creative industries in Asia. By providing tax incentives for investors and cracking down on scalping, we hope to create a more vibrant and sustainable cultural ecosystem in Taiwan."

Many industry insiders have welcomed the proposed amendments, saying that they will help to stimulate growth and investment in Taiwan's cultural and creative industries. However, some have expressed concerns that the penalties for scalping are too harsh and may deter some investors and entrepreneurs from entering the market. 

Despite these concerns, the proposed amendments are expected to be passed by the Legislative Yuan with broad support from both the ruling and opposition parties. If passed, they will go into effect in the near future, providing a significant boost for Taiwan's cultural and creative industries and helping to position the country as a leader in this field in Asia.

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