TAIWAN

Government OKs Tax Breaks: The Cabinet approved a series of business tax breaks and other incentives to spur Taiwan’s economy over the next three years. The moves include the creation of Taiwan’s first free trade zone to lure businesses away from Hong Kong and Singapore. The duty-free zone would open by 1995. The government said it will offer about $1.5 billion in low-interest loans to promote high-technology businesses. Certain high-tech industries will also benefit from a five-year tax break. State-owned land will also be released for low-cost rental.