The Executive Yuan today passed amendments to the special act, raising the package’s ceiling to NT$590 billion (US$19.69 billion), with a nationwide cash handout of NT$10,000 expected to begin issuance within one month of promulgation and be completed within seven months.
The legislature on July 11 passed the third reading of the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及國土安全韌性特別條例), which was proposed to counter the effects of reciprocal tariffs imposed by US President Donald Trump.
Photo: Taipei Times
The Chinese Nationalist Party (KMT) proposed a NT$10,000 cash handout, which raised the package’s ceiling from NT$410 billion to NT$545 billion.
Apart from the NT$235-billion budget proposed for the cash handout, the package also includes NT$150 billion for whole-of-society defense resilience, NT$93 billion for industry and employment support and NT$67 billion for social support.
With the Executive Yuan’s proposed amendments to Article 3, 6 and 9 of the act, the package’s ceiling would be raised to NT$590 billion.
An initial NT$570-billion special budget would be allocated in the first stage, with an additional NT$20 billion to be kept flexible based on industry needs, it said.
It originally required cash handouts to be delivered by Oct. 31, which would initiate issuance within one month of promulgation and be completed within seven months and would not involve means testing under the Cabinet’s amendments.
The public would require more than six months to claim the handouts based on the collection period for universal NT$6,000 cash handouts in 2023.
There would also be an additional allocation to cover the operational costs involved in issuing the cash handouts.
The amendments also add allocations to the special budget to ensure a stable electricity supply for industries, after a proposed NT$100-billion subsidy to bail out Taiwan Power Co (Taipower) was axed, plus funds to strengthen support systems and care services for disadvantaged groups.
The exact funds are yet to be decided.
Premier Cho Jung-tai (卓榮泰) said today that the amendments are necessary as US-Taiwan tariff negotiations remain ongoing, Executive Yuan spokesperson Michelle Lee (李慧芝) said at a media conference this morning.
He added that ministries should strengthen communication to expedite completion of the amendment process, she said.
Additional reporting by CNA
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