New Town Development Act Article 14

For the joint stock limited companies that invest in construction of new towns, the following rewarding and assistance will be offered:1.The profitable undertaking income tax payable of that very year will be deducted by up to 20% of the total investment amount; in case the income tax amount of the very year is not enough for deduction, it may be deducted within 4 consecutive years followed.2.The durable years of necessary construction machines and equipment as listed in the Table of Durable Years of Fixed Assets enclosed in the Income Tax Act may be shortened by a half for calculation of depreciation; where the shortened value is less than 1 year, calculation may be ignored.3.Land value tax will be exempted during the construction period, but it shall be levied again where the construction is completed without following relevant provisions.4.Financial institutions will be requested to provide preferential loans to supply the construction funds required.5.Assistance will be provided for the companies to collect funds from the stock market.The preference as prescribed in the above Subparagraphs 1 and 3 will be reduced by a half for the companies that invest in construction in the 6th year to the 10th year commencing from completion of land planning and collation of the new town, and no preference will be provided since the 11th year.Rewarding methods mentioned in the above two paragraphs will be prescribed by the central authority together with the Ministry of Finance.