Cabinet approves post-Covid spending proposal
The cabinet has approved a proposal for the use of NT$380 billion in tax surplus to boost the island's economy. The proposal will now be sent to the legislature for approval. Under the proposal, the funds from the 2022 tax surplus can be used by the government from 2023 to 2025.
One of the incentives is the allocation of NT$141.7 billion for the payment of NT$6,000 in cash to all Taiwanese and eligible foreign nationals. Other proposed allocations include NT$30 billion to the Labor Insurance fund, NT$20 billion to the National Health Insurance fund, and NT$50 billion Taipower.
The Ministry of Economic Affairs will receive NT$31.7 billion to help fund its subsidies to small and medium enterprises and the manufacturing sector. Just over NT$10 billion will be allocated to the Ministry of Health and Welfare to be used for financial assistance to low and lower-middle income households, the handicapped and other disadvantaged groups while the Ministry of Transportation and Communications will receive NT$27.4 billion to subsidize public transport fares and to provide incentives for foreign tourists to visit Taiwan.
Meanwhile, the Ministry of Finance has released information concerning how the proposed one-time payment of NT$6,000 can be collected by Taiwanese citizens and eligible foreign nationals. The subsidy program is expected to be launched in April.
According to the ministry, an online platform is being set up to allow direct transfer of the funds to the bank accounts of eligible people who register on the website. The government will also offer an option for Taiwan citizens and eligible foreign nationals to withdraw the NT$6,000 at ATMs and at post office bank counters within six months after the start of the programme.
Those who opt to receive the money via the online platform, at ATMs, or at post offices would be required to present documents such as their National Identification Card, National Health Insurance Card, Alien Permanent Resident Certificate and bank card.