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Country Forecast Taiwan May 2018

Country Forecast Taiwan May 2018

  • May 2018
  • ID: 360696
  • Format: PDF
  • The Economist Intelligence Unit

Summary

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Policy towards private enterprise and competition


2018-19: Government incentives favour the "5+2 innovative industries": the Internet of Things, biomedicine, green energy, smart machinery, defence, circular economy and advanced agriculture. Changes to the Company Act allow for more frequent dividend distribution.


2020-22: Major public-private investment projects are led by residential and energy infrastructure construction.


Policy towards foreign investment


2018-19: A new law on foreign white-collar workers eases policies on visas, insurance, residency requirements, taxes, retirement plans and health insurance eligibility for family members, making Taiwan more attractive for foreign investors.


2020-22: In response to growing competitiveness in advanced manufacturing by China and other regional neighbours, Taiwan reduces barriers to foreign investment and creates additional incentives in the 5+2 innovative industries.


Foreign trade and exchange controls


2018-19: Mounting trade frictions between the US and China pose serious risks to Taiwanese companies that manufacture in China, as well as Taiwan-based suppliers of Chinese companies.


2020-22: Taiwan's efforts to initiate negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership free-trade agreement make little headway.


Taxes


2018-19: Recent changes to the Industrial Innovation Act provide corporate income tax exemptions to eligible firms, as well as granting tax deductions for so-called angel investors and innovative firms that contribute capital to innovative sectors. The act also extends the income tax deferral period for employee stock bonuses.


2020-22: The government completes its planned reform of the pension system for retired military personnel, civil servants and public-school teachers offering only minimal concessions to those who have protested against the changes.


Financing


2018-19: To stop Taiwanese companies from being lured to China's capital markets, Taiwan's authorities make initial public offerings at local bourses easier.


2020-22: The government strengthens efforts to develop a broader range of fixed-income products in local financial markets; regulators are concerned about excessive exposure to foreign financial products among local life insurance firms.


The labour market


2018-19: Further revisions to labour standards are introduced to address worker concerns that recent changes have unduly favoured firms over employees. The minimum wage is unchanged.


2020-22: Employer contributions to the universal mandatory health and pension schemes for workers rise, but not to an extent that they would become a major concern for the private sector. The minimum wage is increased.


Infrastructure


2018-19: The government increases investment in the large-scale recycling of waste water. Construction begins on new light rail systems intersecting the capital, Taipei. Investment in wind farms picks up.


2020-22: Public-private partnerships and liberalised grid access spur investment in the renewable energy sector.


Technological readiness


2018-19: Technological readiness benefits as major international technology companies, including Google, Amazon Web Services, Microsoft (all of the US) and Siemens (Germany), set up regional research and development centres.


2020-22: Local firm TSMC's new Fab 18 manufacturing plant begins production of the world's first five-nanometer semiconductors in early 2020, helping to keep the island at the forefront of semiconductor manufacturing technology.



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