TAIPEI (TVBS News) — The Finance Minister announced on Tuesday (Nov. 19) that Taiwan's national tax revenue will exceed expectations by approximately NT$400 billion in 2024, with the central government's portion surpassing NT$300 billion. This financial surplus is largely attributed to robust economic growth.
Finance Minister Chuang Tsui-yun (莊翠雲), alongside Premier Cho Jung-tai (卓榮泰), reported to the Legislative Yuan (立法院) on the supplementary budget proposal for 2024.
The Ministry of Finance's (MOF, 財政部) latest statistics revealed that national tax revenue reached NT$3.2951 trillion in the first 10 months of the year, marking a 9% year-on-year increase and setting a new record for the period. This achievement surpassed the annual budget target by NT$61.5 billion.
Chuang stated that the tax revenue goal for the entire year was met by the end of October, highlighting the strong performance of tax collections. She also mentioned that the surplus will be used to increase debt repayment. In 2023, the Finance Committee of the Legislative Yuan (立法院財政委員會) mandated that at least 5% of excess tax revenue should go toward debt repayment.
Following the influx of major tax payments in June, MOF began repaying debts. The 2024 budget allocated NT$115 billion for debt repayment, the highest in 23 years, and the government has already executed NT$115.8 billion in repayments, exceeding the budgeted amount by NT$800 million.
As Taiwan continues to manage its fiscal health, the government may seek to leverage its economic strength further to bolster financial stability.
