The Legislative Yuan today passed the third and final reading of an NT$550 billion (US$17.93 billion) special budget act to counter the effects of US tariffs, including universal cash handouts of NT$10,000.
President William Lai (賴清德) is expected to promulgate the bill next week, Minister of Finance Chuang Tsui-yun (莊翠雲) said yesterday.
The Ministry of Finance said that it would convene a news conference on the same day to announce specific details regarding the cash handouts.
Photo: Chen Yi-kuan, Taipei Times
Foreign nationals with permanent residency or those married to Taiwanese would be eligible for the handouts, the Executive Yuan said previously.
Distribution is expected to begin at the start of next month via five methods: direct bank transfer, registered transfer, ATM withdrawal, post office withdrawal and a roster-based distribution system, the ministry said.
The final budget for 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民生國安韌性特別條例) was reduced by NT$5.298 billion today following adjustments proposed by the opposition parties.
The Executive Yuan approved the special budget on Sept. 11, totaling NT$550 billion, including NT$236 billion for cash handouts, plus an additional NT$20 billion set aside as reserve funds expected to be used to support industry.
A joint review by six legislative committees passed the special budget on Thursday last week and submitted it for cross-party negotiations.
The parties reached a consensus on Tuesday in a plenary session and agreed to pass the third reading today.
Today’s legislative session introduced budget adjustments, including a Taiwan People’s Party proposal to cut the budget for media policy and outreach by NT$20 million, with an additional NT$4 million frozen.
The Chinese Nationalist Party (KMT) also proposed freezing NT$100 million from the National Health Insurance Fund.
The Democratic Progressive Party (DPP) continues to support strengthening marine patrols and disaster prevention and response efforts, DPP Legislator Chung Chia-pin (鍾佳濱) said, urging opposition parties not to let party differences undermine public interest.
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