HIGHLIGHTS:The budget proposals include a wage increase of 3 percent for public-sector employees and an extra NT$1 billion each for labor insurance and sports

Taipei Times
Date: Sep 15, 2017
By: Chen Wei-han / Staff reporter

The Cabinet yesterday revised and resubmitted a general budget request for the current fiscal year, estimating the nation’s expenditures and revenue over the next 12 months at NT$1.991 trillion and NT$1.897 trillion (US$66.1 billion and US$63 billion) respectively.

The new budget includes a NT$7 billion stock exchange tax revenue increase and an additional NT$6.8 billion in annual spending.

The nation is forecast to run up a deficit of NT$94.4 billion, in addition to NT$79.2 billion in debt due next year, meaning that the government must borrow NT$173.6 billion, or 8.7 percent of the projected spending, to cover the shortfall.

Following a Cabinet reshuffle on Friday last week due to the resignation of former premier Lin Chuan (林全), the Executive Yuan withdrew and revised budget proposals for next year, which are to be reviewed by the Legislative Yuan.    [FULL  STORY]