"Semiconductor Performance Bonuses for All Citizens Nationwide... Taiwan Offers 250,000 Won Per Person"

Decision to Distribute Part of Last Year's Excess Tax Revenue in Cash
High Growth Rate Demonstrated by Semiconductor Technology

The Taiwanese government will return a portion of the excess tax revenue to all citizens.

On the 4th (local time), according to local media such as Liberty Times, Su Tseng-chang, Premier of Taiwan's Executive Yuan, announced at a press conference held after an on-site inspection of the Qingyuan Reservoir that 6,000 New Taiwan Dollars (approximately 250,000 KRW) will be distributed per person.

So far, there has been deliberation on how to use the 380 billion New Taiwan Dollars (approximately 15.79 trillion KRW) accumulated from last year's excess tax revenue, and it appears that 140 billion New Taiwan Dollars (approximately 5.81 trillion KRW) will be distributed in cash.

Premier Su stated, "From the young to the elderly, all citizens will share the fruits of economic achievements," adding, "To distribute the money, approval from the Legislative Yuan, where the Democratic Progressive Party holds the majority, is required."

He continued, "The decision to distribute cash was made to offer New Year's blessings to all citizens," referring to the upcoming Lunar New Year on the 22nd of this month. The method of distribution has not yet been disclosed.

Su Zhenchang, Premier of the Executive Yuan of Taiwan. Photo by Yonhap News Agency

The Democratic Progressive Party expressed support for the Taiwanese government's decision.

Meanwhile, Taiwan, a semiconductor technology powerhouse, led by the world's largest foundry company TSMC, recorded a 6.45% GDP growth rate in 2021 despite the COVID-19 pandemic. It is expected to show growth rates around 3% in 2022 and 2.53% in 2023.