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Consumption voucher program to boost economic growth: premier

Consumption voucher program to boost economic growth: premier
Consumption voucher program to boost economic growth: premier

Premier Liu Chao-shiuan announced Tuesday a government plan to distribute NT$82.9 billion (US$2.51 billion) in consumption vouchers to Taiwan's citizens in a bid to stimulate domestic spending and economic growth.
Liu told a news conference that the program is expected to raise the country's GDP growth for 2009 by 0.64 percentage points if all the vouchers are used.
Under the program, each Taiwanese citizen, regardless of income level, will get NT$3,600 in vouchers that will be valid until the end of 2009, to purchase goods, Liu said.
Wealthy citizens can opt to donate the vouchers to charity organizations and get a tax deduction, he said.
The Cabinet decided not to exclude the rich from the program because it is not intended as a kind of social assistance, the premier explained.
"The policy is aimed at stimulating consumption, a measure based on economic consideration," Liu said.
He said the Cabinet hopes the program could be implemented as soon as possible, preferably before the beginning of the Chinese New Year holidays in late January.
The vouchers will be issued to citizens through the population affairs offices and can be used in any retailers or restaurants with a business registration certificate, according to Chen Tain-jy, chairman of the Council for Economic Planning and Development.
Consumers, however, will not be able to use the vouchers in the popular wet markets - similar to farmers' markets - where many housewives and others buy their daily groceries and household necessities. Vendors in those markets usually do not have a business registration certificate.
Chen said the Central Bank is still studying in what face value the vouchers should be issued.
While issuing small-face-value vouchers will increase costs and prolong the printing time, vouchers that have too large face value will cause inconvenience to their users, he noted.

Updated : 2021-10-21 14:24 GMT+08:00