Taiwan's Finance Minister Su Chieng-jung (蘇建榮) says tax cuts for bulk goods imports will be extended for three more months. Some have speculated the government will extend tax cuts and tariffs reduction to help the economy. Su confirmed the speculations on Wednesday during questioning at Taiwan's legislature.
Su says the tax cuts have been implemented to alleviate rising import costs. Affected goods include wheat, soybeans, corn, gasoline, beef, and more.
Some legislators question whether the cuts can prop up weak exports numbers and boost economic growth. Su says the cuts will help stabilize prices for basic goods in Taiwan, but weak exports are due to the global economic situation.
The extended tax cuts will last until the end of March next year. They are projected to cost almost NT$10 billion (over US$300 million) in tax revenue.