■ Brokerages can issue warrants
The Taiwan Securities Association (證券商公會) said yesterday that starting Monday, securities houses can decide by themselves whether to issue warrant products, after a five-month industry halt organized to produce what the association said was an unfair tax regime.
Warrants are certificates that give the bearer the right to buy securities, gold or other commodities at a stated price for a stated period or at any time in the future.
Local securities houses stopped issuing warrants for the second time on Jan. 3 to oppose a high tax rate of 25 percent, compared with a tax rate of 3.75 percent imposed on foreign rivals that also issue warrants, the association said in a statement.
The local industries' first protest was in July 2004.
Securities houses have won six out of seven lawsuits against the Ministry of Finance relating to the taxation scheme.
Also, lawmakers decided to support the association and demanded that the ministry amend its ruling made in 1997, the statement noted.
Since the issuance of warrants is still a money-losing business under the current tax system, securities houses can evaluate their own capabilities before re-launching warrant products, the association said.
■ Millions have filed taxes
A total of 4.92 million households filed their income tax returns by June 1, the deadline for tax filing for this year, Ministry of Finance officials said yesterday.
The tax returns filed online totaled 2.23 million, which represents a significant rise of 30 percent over the previous year and accounts for 45 percent of all tax returns accepted by taxation authorities this year, the officials said.
With approximately 5 million taxpaying households in Taiwan, they estimated that more than 70,000 households have not filed their tax returns.
■ Science park to expand output
The Hsinchu Biomedical Science Park is expected to expand the total production value of the nation's biomedical industry by NT$500 billion (US$15.5 billion) over a 20 year period, the Na-tional Science Council (NSC) said yesterday.
According to an assessment carried out by the Nomura Research Institute under the commission of the NSC, the science park will generate an estimated NT$71.3 billion in tax revenue during the 20-year period, a council spokesman said.
In 20 years' time, the park will create over 10,000 job opportunities and generate NT$20 billion in annual revenue in the domestic biomedical industry, the spokesman said.
The park, with six major research and development centers, is scheduled to become fully operational by 2008.
■ University, firm sign deal
National Yunlin University of Science and Technology (Yuntech) and ANCA, an Australian company specializing in computerized tool and cutter grinding, signed an agreement yesterday to improve research and development in Computer Numerical Control (CNC), a system for driving machine tools, a spokesman for the university said.
The Yuntech spokesman said that ANCA will inject funds totaling US$30,000 in the coming three years to sponsor Yuntech's R&D in CNC, adding that ANCA has decided to cooperate with the university because it has found great potential in CNC applications in Taiwan.
The R&D results, obtained following research programs of the university, could be applied to optical testing equipment, laser machining and the making of other metallic and non-metallic products.
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