According to recent reports, Taiwan has extended certain tax credit incentives. This includes an extension of the tax credit incentive for R&D in the biotech and new pharmaceuticals industry until 31 December 2031. The scope of the credit incentive is also expanded to cover additional emerging fields as well as contract research and manufacture, although the credit amount is reduced from 35% of qualifying expenditure to 25% from 2022. Further, the Tax Credit Incentive for investment in smart machines and 5G systems is extended until 31 December 2024, with the scope of the incentive further also expanded to cover investment in cyber security products or services.