The Executive Yuan yesterday approved a development plan for small and medium enterprises (SMEs), which includes preferential loans, tax incentives and digital transformation support.
The plan offers tax incentives for research and development, intellectual property rights, and employee expansion and salary raises, with the latter also opening the door to additional government subsidies.
Taiwan’s economic achievements and performance depend on its 1.63 million small businesses, which also contribute to the nation’s economic stability and well-being, Executive Yuan spokesperson Michelle Lee (李慧芝) quoted Premier Cho Jung-tai (卓榮泰) as saying during the Cabinet meeting.
Photo courtesy of the Executive Yuan
The plan is focused on helping SMEs expand their access to domestic and international markets, and support their transition to a digital economy and net zero emissions, Small and Medium Enterprise Startup Administration Director-General Lee Guann-jyh (李冠志) said.
The preferential loan program specifically targets SMEs with less than 30 employees, Lee said.
Taiwan has 1.43 million small businesses that have less than 30 employees, which account for 87 percent of all SMEs, Lee added.
The program offers subsidies of up to NT$100,000 (US$3,102) for SMEs that are undergoing digital transformation to help mitigate the impact of minimum wage increases and help cover the cost of training employees, he said.
If these businesses increase revenue and provide salary raises, they can receive additional subsidies, he added.
To encourage wage increases, the government is considering a fund that SMEs can access upon providing raises that could be worth NT$35 million at a low handling fee of 0.1 percent, Lee said.
The incentives are to be retroactive from Jan. 1 and continue until Dec. 31, 2033.
Additionally, the Ministry of Economic Affairs plans to incorporate tax incentives for industrial holding companies into amendments to the Statute for Industrial Innovation (產業創新條例), Deputy Minister of Economic Affairs Ho Chin-tsang (何晉滄) said.
These proposals were originally suggested by the National Development Council in hopes of supporting key manufacturing sectors, he added.
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