Taiwan's tax breaks on major imports will extend for another three months. That was the word from Premier Su Tseng-chang on Thursday, in response to rising commodity prices linked to the war in Ukraine.
The tax breaks apply to major food imports like wheat, corn, soy, and beef, as well as commodities like oil and cement. Taiwan initiated some of these tax exemptions at the end of last year.
Su says Taiwan's tax revenue this year has already reached NT$2.2 trillion (US$64.3 billion), a record high. That's an increase of 17% compared to last year's revenues. He says this shows Taiwan's economy has flourished despite challenges like the pandemic.
Su adds that inflation in August dropped to the lowest level in the past six months. As a result, he says price increases may begin easing during the rest of the year. He adds the extended tax breaks will also help relieve changing commodity prices.