Taiwan rejects cash handouts despite tax surplus

TAIPEI (TVBS News) — Despite speculation, there will be no plans for another general cash distribution from tax surplus in Taiwan this year, Chu Tze-ming, the Minister of the Directorate-General of Budget, Accounting and Statistics, said on Wednesday (March 13).

Taiwan's tax surplus led to a general distribution of NT$6,000 to those eligible last year. Kuomintang Legislator Wang Hung-we questioned whether the government would repeat the cash payment after the collection of taxes in 2023 amounted to a surplus of NT$386 billion.

Chu clarified, however, that the rumored surplus of more than NT$300 billion encompasses both central and local levels of tax collection. Considering the public debt issued this year, the surplus expected to be available for use after approval from the National Audit Office in July or August is only about NT$150 billion. 

Chu stated that any such widespread cash payment would require special legislation. All things considered, the government currently has no plans for another general distribution. 

Regarding the Ministry of Economic Affairs' intent to utilize the surplus tax revenue to subsidize Taipower, Wang inquired about the feasibility of granting a NT$150 billion subsidy. Chu responded with reservations, warning that such a move would "tighten next year's budget" and completely deplete surplus funds, which could be highly precarious.

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