TAIPEI (Taiwan News) — Premier Cho Jung-tai (卓榮泰) Thursday asked the Ministry of Finance to consider extending the May 31 income tax filing deadline to ease pressure on businesses and individuals affected by US President Donald Trump's tariffs on Taiwan.
On Wednesday, Trump announced a 90-day deferral of retaliatory tariffs for more than 75 countries, including Taiwan, per CNA. During this period, a 10% tariff will be imposed, while China’s tariff rate will increase to 125%.
At a Cabinet meeting on Thursday, Cho said the 10% tariff falls within the government's anticipated range. Cho said during the deferral period, the government would engage in direct negotiations with the US to safeguard national interests and maintain the international competitiveness of Taiwanese industries.
Cho said the Cabinet's Taiwan-US economic and trade task force will continue to strengthen industrial resilience based on the five major strategies put forward by President Lai Ching-te (賴清德). Economic security is national security, and maintaining balanced trade relations with various countries will help solidify Taiwan’s global position, said Cho.
Cho said that the 20 measures in place under the current export supply chain support program will remain largely unchanged. He called on government ministries and agencies to promptly draft the necessary legal frameworks and operational procedures.
The detailed application guidelines for the various support measures are expected to be announced on April 14. He instructed ministries to apply the principle of reallocating resources to address urgent needs, using funds such as the Secondary Reserve Fund, the Small and Medium Enterprise Credit Guarantee Fund of Taiwan, the Employment Security Fund, and the Agricultural Development Fund for initial support.
He said that the government will hold industry forums to address issues as they arise, ensuring that policy development meets needs, and supporting economic and industrial development stability.
Cho said many Taiwanese businesspeople still operate in China and could be impacted by the 125% tariff hike. He said relevant government agencies should assess the needs of Taiwanese executives there and provide assistance when necessary.
He asked the Ministry of Finance to consider extending the May 31 tax filing deadline, as was done during the pandemic, and to submit a report at an appropriate time.
Cho concluded by thanking local governments for supporting the central government's initiatives and expressed hope that all political parties could set aside differences, stand united, and come together to support the development of Taiwan’s industries.
