Premier Lin Chuan has announced the approval of the government’s proposed revenues and spending for the 2017 financial year. The budget has an increase of just above 1% over the previous year.
During the meeting over the proposed budget, Lin said that the government must take control over its finances. He said the increase of the proposed spending must not exceed that of the proposed revenue. As a result, the approved revenue for the government in 2017 is NT$18.44 trillion, up 1.2% from 2016; the spending for next year is set at NT$19.98 trillion, 1.1% higher than 2016.
Several departments will see a notable increase in spending: the government will spend an additional NT$285 billion, or 6.7%, on education, 4.1% more on public welfare, and 4% on tech research and development.