The Executive Yuan yesterday approved next year’s general budget ahead of the new legislative session next month, with most of the expenditure going toward social welfare, education, economic and defense programs.
Based on the plan presented by the Directorate-General of Budget, Accounting and Statistics (DGBAS), government revenue is to be NT$2.7092 trillion (US$85.2 billion) next year, while total expenditure is to be NT$2.8818 trillion.
A budget shortfall of NT$172.6 billion is expected, it said.
Photo: Lo Pei-de, Taipei Times
The government must find ways to raise NT$287.6 billion to cover the shortfall and pay a national debt of NT$115 billion, the agency said.
As such, the government is to borrow NT$172.1 billion and use the remaining NT$115.5 billion in revenue from the previous fiscal year to meet the shortfall, it said.
The plan is to spend NT$791.7 billion on social welfare programs, while expenditure on education, science and culture projects is to be NT$561.2 billion. Economic and defense expenditures are NT$434.2 billion and NT$431.2 billion respectively.
The defense expenditure would increase to NT$606.8 billion if a special budget to purchase new fighter jets and enhance aerial and marine combat capabilities, as well as special funds managed by the Ministry of National Defense, are added.
In addition, NT$130 billion would be appropriated for the Labor Insurance Fund, the Executive Yuan said.
DGBAS Minister Chu Tzer-ming (朱澤民) told a news conference after a Cabinet meeting that the Labor Insurance Fund has already been stabilized, but the government should offer financial support whenever possible.
Premier Chen Chien-jen (陳建仁) said that Taiwan has come to a crucial moment to boost the economy and upgrade industry.
“To ensure the safety and stability of the nation, we have asked all government agencies to budget their funding in a sustainable and disciplined manner,” Chen said.
The National Science and Technology Council (NSTC) in a statement said that the overall budget allocated to technology projects is up 18 percent to NT$156.9 billion, adding that the budget would be spent on research on semiconductors, zero carbon emissions, gerontechnology, space technology and 6G telecommunication systems.
“We cannot simply focus on manufacturing chips, which in the future must be combined with integrated circuit design and generative artificial intelligence technology. It must be a drive for all industries to thrive and attract foreign talent and funding to Taiwan. This should be how we innovate in the next 10 years,” NSTC Minister Wu Tsung-tsong (吳政忠) said.
The scale of funding for many government projects next year has vastly increased due to a combination of annual budgets, special budgets allocated to the Forward-looking Infrastructure Development Program and special funds managed by government agencies.
While the budget for public infrastructure projects next year rises 18.3 percent to NT$192.8 billion, the scale of funding would expand to NT$588.6 billion when a special budget of NT$84.4 billion from the Forward-looking Program and special funds of NT$311.5 billion are added.
Education funding would be expanded to NT$397.6 billion from NT$392.6 billion, while culture funding would also be increased to NT$53 billion from NT$39.3 billion.
Funding to tackle the low birthrate would be NT$120.1 billion and that for long-term care top NT$87.6 billion.
Meanwhile, the government has allocated NT$1.3 billion in the general budget to crack down on fraud, up from NT$900 million this year.
Because of surplus tax revenue, subsidies to local governments have increased to NT$539.2 billion.
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