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COVID-19 stimulus measures for 2022

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For more than two years, Taiwan has not only guarded against the COVID-19 pandemic, but also managed to achieve its longest and highest growth in history for both export value and export orders. Now, as the nation gradually resumes normalcy, the government has decided to adopt an approach that balances normal life, active disease prevention and steady lifting of restrictions. During this difficult transition toward coexistence with the virus, the government has extended its special COVID-19 relief act and associated budget through June 30, 2023 in order to defend public health and launch a new round of stimulus measures that will assist companies and people impacted by the pandemic.

Three main measures

Assist industries and workers: Provide relevant stimulus or operating subsidies for such industries as food and beverages, service, transportation and tourism. Extend until June 2023 various relief programs launched earlier in the pandemic to assist furloughed, short-time and unemployed workers, as well as a program to help youths find and maintain stable employment.

Reduce burdens: Extend the measure to reduce rent and royalty payments by 20% for state-owned non-public properties. Exempt business taxes for key raw materials such as soybeans, wheat and corn. Waive or cut tariffs and commodity taxes on wheat, beef, butter, baking-purpose milk powder, cement, gasoline and diesel fuel.

Stabilize cash flows: Extend measures such as stimulus loans for small and medium-sized enterprises (SMEs) and non-SMEs impacted by the pandemic, as well as loan interest subsidies for tourism businesses, large arts and cultural companies, and performance groups. Prolong until June 2023 the period for bank customers to apply for three-to-six month deferments on credit card and personal loan payments.

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