To respond to the challenges of the post-pandemic global economy in 2023, and to maintain Taiwan's economic momentum, the government has increased both general budget expenditure and the public infrastructure budget. In addition, the government introduced a special law and associated special budget to boost economic and social resilience and share the proceeds of growth in the post-pandemic era, which passed their third readings by the Legislature in early 2023. The special budget makes full use of the 2022 central government budget surplus. Approximately NT$380 billion (US$12.2 billion) of surplus tax revenue will be spent according to 10 policy directions, with the goal of strengthening the overall economy, bolstering social resilience and adaptability, and sharing the proceeds of growth with the public.
10 policy directions
■ Inject NT$100 billion (US$3.2 billion) into the state-run Taiwan Power Co. (Taipower) to offset its operating losses, and the nation's Labor Insurance and National Health Insurance funds.
■ Provide an NT$6,000 (US$193) one-off cash payment to every person.
■ Promote transformation and upgrade of industries and small and medium-sized enterprises (SMEs): Encourage industries to adopt smart technology and low-carbon business models; regenerate shopping districts and grow characterful neighborhoods and marketplaces; help SMEs expand their sales; assist transformation and upgrade of SMEs which have applied for consultancy services; and facilitate the improvement of basic infrastructure.
■ Alleviate housing costs: Provide a one-time NT$30,000 (US$967) payment to households that meet the twin criteria of a household income below a specified threshold and an approved personal housing loan below a certain threshold.
■ Widen public transport subsidies: Provide a range of discounted monthly commuter tickets for intra- and inter-district travel within metropolitan areas in northern, central and southern Taiwan. Additionally, roll out localized incentive packages tailored to the regional needs of other areas.
■ Improve care for vulnerable groups: In addition to existing subsidies, provide further monthly living allowances of NT$750 (US$24) per person to low income households and NT$500 (US$16) per person to lower-middle income households. Subsidize the strengthening of cold storage facilities at community food bank hot spots in order to increase the range of food items available to disadvantaged groups.
■ Increase incentives to attract international tourists: Provide subsidies for foreign tour groups and foreign independent travelers; distribute subsidies to increase the hiring of housekeepers, cleaners and other service personnel within the hotel industry.
■ Strengthen agricultural infrastructure and care for farmers and fishermen: Facilitate the provision of meals, anti-food waste zones and affordable food zones in rural areas; strengthen the resilience of rural water resource infrastructure, promote multipurpose fishing ports and improve agricultural roads and other rural infrastructure; and guide the upgrade of poultry farms and poultry houses.
■ Lighten the financial burdens of student loan borrowers: Cover one year of tuition loan repayments (principal and interest) for disadvantaged students who have applied for a tuition loan during the course of their studies, graduates caring for a child aged 12 or below, and graduates with a monthly income of NT$40,000 (US$1,289) or less.
■ Revitalize arts and cultural industries and stimulate related spending: Expand the Ministry of Culture's NT$1,200 (US$39) voucher program for 18-to-21-year-olds to spend on arts and cultural activities and products; promote an initiative to revive physical bookstores and micro cultural and creative enterprises; facilitate tours of rural and remote areas by traditional opera troupes and other performance groups; embed cultural experiences into the education system; and strengthen artistic content and broaden arts appreciation for the public.