I don't think it has anything to do with corporate tax rates (at least no to the extent you suggest it is). It has everything to do with access to cheap skilled

I don't think it has anything to do with corporate tax rates (at least no to the extent you suggest it is). It has everything to do with access to cheap skilled labor, resources (water), incentives, and supply chain. Taiwan offers all four through years of honing this industry. After all TSMC is pretty much critical to Taiwan's economy and national security. Secondly, TSMC is so far ahead of the curve that any competitor will take years and billion of dollars to get to where they are right now. ASML develops the technology in close collaboration with TSMC and I suspect TSMC owns many of the patents required to operate EUV successfully. The industry is happy with the status quo because TSMC offers the best technology at the best prices.