The Cabinet unexpectedly announced late last night that Minister of Finance Joseph Lyu (呂桔誠) would be replaced by Professor Ho Chih-chin (何志欽), head of the economics department at National Taiwan University.
Lyu, who was appointed to the position only five months ago from chairman of the Bank of Taiwan, will be a minister without portfolio, Cabinet Spokesman Cheng Wen-tsang (鄭文燦) said at a press conference.
Lyu has been criticized for his failure to help safeguard the government's influence over state-controlled banks, exemplified by a boardroom tussle at Mega Financial Holding Co last Friday.
"Lyu has insisted on leaving the position several times, although Premier Su Tseng-chang (
A high-level source at the ministry approved of the move, saying that experts should be placed in the right positions to make use of their professional experience.
"Ho has been commissioned by the ministry many times to draw up [tax] proposals. He is no stranger to tax reform," the source said.
Ho's appointment as finance minister would be conducive to implementing tax policy, the source added.
Ho, former principal economist at the US Internal Revenue Service, was one of the supporters of then minister Lin Chuan's (林全) Alternative Minimum Tax scheme before the ministry implemented the policy in January this year. Lin resigned that month.
He was also one of a few academics who supported the idea of simplifying the nation's tax system.
The National Chungshan Institute of Science and Technology yesterday showcased its locally developed variants of the Vision 60 robotic patrol dog, which it plans to deploy on the nation’s outlying territories in the South China Sea. The variants were produced under the Joint Lab project — created by the institute and domestic companies — and assembled with domestically produced motors, lenses and artificial intelligence (AI) systems alongside licensed tech from the US, Missile and Rocket Systems Research Division deputy director Jen Kuo-kang (任國光) told the media event at a military base in Taipei’s Dazhi (大直) area. Taiwan has built up its strengths
RESILIENCE: Taiwan plays a key role in semiconductors, energy, information infrastructure and advanced manufacturing, AIT Director Raymond Greene said Taiwan’s continued investment in deterrence and resilience remains vital, especially in uncrewed systems and other emerging technologies, American Institute in Taiwan (AIT) Director Raymond Greene said yesterday. Greene made the remarks at the annual National Strategic Summit on Supply Chain Resilience held by the Research Institute for Democracy, Society and Emerging Technology (DSET), a government-backed think tank. As Taiwan last year became the US’ fourth-largest trading partner and supply chain security is becoming more important, cooperation in emerging technologies continues to deepen between the two countries, he said. The US is committed to accelerating innovation, building key infrastructure, strengthening cooperation
RIGHT DIRECTION: Taiwan’s efforts to prevent forced labor include a proposal to ‘fully prohibit’ employers from withholding workers’ documents, an official said Taiwan is to establish a mechanism to restrict imports of goods linked to forced labor, the Executive Yuan said yesterday, after the US proposed imposing additional tariffs on Taiwanese goods over labor concerns. “The Ministry of Labor and the Ministry of Economic Affairs are to establish an interministerial review procedure,” Executive Yuan spokesperson Michelle Lee (李慧芝) said at a news briefing in Taipei. “The government is to use the Foreign Trade Act [貿易法] as the legal basis to restrict imports of goods produced with forced labor” and bring its supply chain governance more in line with international standards on human rights, resilience
NOT IMMEDIATE: Taiwan has a chance to appeal the proposed 10 percent tariff before it starts, while other countries face a 12.5 percent tariff from the trade office Taiwan is among 60 economies determined by the US to have failed to impose or enforce a ban on the importation of goods produced with forced labor, according to a notice released on Tuesday by the Office of the US Trade Representative (USTR), which proposed imposing an additional 10 percent or more tariff on them. The USTR in a statement said that following an investigation, it had determined under Section 301 of the Trade Act of 1974 that the failure of the 60 economies to impose and effectively enforce a prohibition on the importation of goods produced with forced labor is
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