On 7 January 2023, Taiwan's Legislative Yuan (legislature) approved amendments to the Industrial Innovation Act to provide increased tax credits for investment in R&D and advanced manufacturing equipment with effect from 1 January 2023 to 31 December 2029. The amendments include a 25% tax credit for qualifying investment in R&D (up from 15%) and a 5% tax credit for investment in equipment used in advanced manufacturing processes. Total deductions are limited to 50% of income in a fisc…