Taiwan will plough an extra T$380 billion ($12.43 billion) in tax revenue back into the economy in 2023 to help protect the island from global economic shocks, including subsidies for electricity prices, President Tsai Ing-wen said on Saturday.
While the export-dependent economy grew 6.45% in 2021, the fastest rate since it expanded 10.25% in 2010, it is expected to grow much more slowly in 2022 and 2023, hit by COVID-19 turmoil in China, global inflation woes and the impact of the war in Ukraine.
The estimated T$380 billion in excess tax revenues for the central government in 2022 will be spent on areas including subsidies for electricity prices, labour and health insurance and other spending to cope with the impact of global inflation and international economic challenges, the president said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What’s on the Horizon for 2023For the editors at Scientific American, a new year is a chance to look ahead and predict what might unfold in the world of science and health.
Read more »
MicroStrategy to Launch Software Apps Powered by BTC Lightning Network in 2023: Michael Saylor.Saylor: MicroStrategy to present various Bitcoin LightningNetwork-based products next year. WuBlockchain
Read more »
UBS reveals its top semiconductor picks for 2023Once high-flying semiconductor stocks suffered in 2022, but UBS is betting on these names in the new year.
Read more »
The 23 Most Anticipated New TV Shows Coming in 2023The year 2022 is when the streaming bubble burst — sort of? The new model of digital distribution clearly isn’t working economically, but the genie is now out of the bottle. And there’s…
Read more »
Will 2023 bring more crypto bankruptcies to weed out ‘the pumps and the frauds’?2022 claimed many crypto casualties, but the industry isn’t going anywhere, experts say.
Read more »