Taiwan Legislature clears special bill on post-pandemic recovery

2023/02/24

The Legislative Yuan passed a NT$380 billion (US$12.5 billion) special budget bill Feb. 21 to enhance Taiwan’s economic and social resilience in the post COVID-19 era, the National Development Council said.
 
The bill, which will be in effect until Dec. 31, 2025, includes plans to alleviate student loans, cover labor and health insurance deficits and subsidize state-run utility Taiwan Power Co. operating losses, together with those of public transportation, as well as improve housing quality. The funds are to be allocated from last year’s tax surplus.
 
A provision to issue NT$6,000 in cash to all nationals and tax-paying permanent residents is included, as is funding for projects to attract international tourists to Taiwan. Provision of further social services to the disadvantaged is also part of the bill, the NDC added.
 
Through this expansion of public spending over three years, the NDC anticipates a reduction of financial burdens and stabilization of consumer prices. The projects will also strengthen local industrial sectors and thus maintain the country’s economic momentum.
 
The pandemic has taken an economic toll on countries around the world, but Taiwan was able to maintain growth, thanks to collective public and private sector initiatives, the NDC said.
 
A forecast by the Directorate General of Budget, Accounting and Statistics showed that Taiwan’s gross domestic product will grow by 2.12 percent this year, following a gain of 2.45 percent in 2022.


Source: Taiwan Today (https://taiwantoday.tw/index.php)