Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Taiwan's AI Action Plan 2.0: Pioneering the Future of Artificial Intelligence

Taiwan, known for its technological advancements and innovation, embarked on a new chapter on April 7th, 2023, with the unveiling of its ambitious "Taiwan AI Action Plan 2.0 (2023-2026)". This comprehensive roadmap sets the stage for Taiwan's continued journey towards becoming a global AI powerhouse. Building upon the success of the previous "Taiwan AI Action Plan 1.0 (2018-2021)", this strategic initiative seeks to leverage the expertise of industry, academia, and research experts to unlock the full potential of AI in Taiwan. One of the key highlights of Taiwan AI Action Plan 2.0 is the establishment of an AI Development Advisory Committee comprising eminent professionals from various sectors. Together, they will spearhead efforts to enhance Taiwan's AI ecosystem, with the goal of surpassing a staggering NT$250 billion increase in software and hardware value. Furthermore, Taiwan aims to secure a spot among the top three global leaders in specific AI chip do...
Post a Comment
Read more

TSMC Reevaluates Site for Its New 1.4nm Factory in Taiwan Amid Controversies

Taiwan Semiconductor Manufacturing Co. (TSMC) has recently stirred up public attention as it reconsiders the location for its planned 1.4nm factory in Taiwan. Initially set to be established in the Longtan Phase 3 Science Park, TSMC announced that it is now exploring alternative sites. According to a press release from TSMC, internal assessments concluded that current conditions are not favorable for proceeding with the original location in Longtan Phase 3 Science Park. This decision immediately sparked widespread discussions and debates. Interestingly, government bodies associated with the Longtan Science Park, including the Taoyuan City Government, National Science Council, and Ministry of Economic Affairs, have all clarified their positions and disassociated themselves from the change in plans. None have made efforts to retain TSMC's initial project in Longtan. Conversely, local governments from Kaohsiung, Tainan, and Taichung swiftly expressed their interest in hosting TSMC...
Post a Comment
Read more

SBIR Program Fuels Innovation in Taiwan: New Award Results and Impact

The Ministry of Economy's Small Business Innovation Research (SBIR) program recently released the latest award results, showcasing its continued commitment to fostering innovation and driving economic growth in Taiwan. With a focus on supporting small and medium-sized enterprises (SMEs), the SBIR program plays a crucial role in promoting sustainable development and building a thriving entrepreneurial ecosystem. One of the key highlights of the recent announcement is the allocation of a total of 9.75 million NT$ in grants, which will enable recipient companies to further their innovative research and development endeavors. These grants, provided by the SBIR program, serve as a catalyst for SMEs to enhance their capabilities, accumulate research talent, and contribute to the overall advancement of Taiwan's industries. The awarded projects span a diverse range of fields, including service innovation, information and communication technology, consumer products, and electronics. By ...
Post a Comment
Read more