(Feb. 13, 2009) Taiwan's Statute for Upgrading Industries (promulgated on December 29, 1990), was amended on January 23, 2009. Article 9-2 now specifies that a newly incorporated company or a company being expanded by means of a capital increase will be exempt from payment of business profit tax for the period of July 1, 2008, to December 31, 2009 (para. 1). The tax-exempt income or newly increased tax-exempt income tax concession amount will be limited by the capital investment and the total amount of money of the investment made during that period (new para. 3).
Article 9-2 still stipulates that if a company is already eligible to apply for investment incentives set forth in articles 8 and 9 of the Statute, it will not be entitled to redundantly apply for the incentive provided in article 9-2 [but amended to specify paragraph 1 instead] (former para. 4, new para. 5). However, it now further provides that a company newly incorporated or expanded by means of a capital increase during the period from July 1, 2008, to December 31, 2009, will be limited to a one-time application for exemption from payment of business profit tax. (Amendment to Statute for Facilitating Upgrade of Industries, 6845 GAZETTE OF THE OFFICE OF THE PRESIDENT 56-57 (Jan. 23, 2009), available at http://content.glin.gov/summary/215014; Statute for Upgrading Industries [English translation of the Statute as amended on Feb. 6, 2003], Investment Commission of the Ministry of Economic Affairs website, http://www.moeaic.gov.tw/system_external/ctlr?PRO=LawsLoad&lang=1&id=4
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