The Taiwan government will return part of the additional tax revenue to the public. It plans to pay cash of 10,000 Taiwan dollars (about 460,000 won) per person to boost consumption.
According to Taiwan media including the United Daily News and the China Times on the 24th, the Executive Yuan said at a news conference the previous day that, starting next month, it plans to provide 10,000 Taiwan dollars per person to Taiwan citizens.
Payments will be made via bank transfer, post office counters, and ATMs at 15 banks (automated teller machines). From the 5th of next month, Taiwan citizens, foreign spouses of Taiwan citizens, and foreigners who have obtained permanent residency can apply in advance.
Cash payments will begin on Nov. 12, ATM cash withdrawals on Nov. 17, and post office counter pickups on Nov. 24.
The cash payments are based on the "Special budget to strengthen national security resilience for the economy, society, and people's livelihoods in response to international developments by the central government," which passed on the 17th. Accordingly, Taiwan President Lai Ching-te promulgated the budget the previous day.
A total of 236 billion Taiwan dollars (about 11.02 trillion won) will be allocated for the cash payments, funded by last year's excess tax revenue. Taiwan's excess tax revenue last year was 528.3 billion Taiwan dollars (about 24.7 trillion won), the largest on record.
Ruan Zhenghua, Vice Minister at the Ministry of Finance, citing statistics from the National Development Council (NDC), said the cash support is expected to contribute 0.415% to gross domestic product (GDP) growth.