Taiwan has thus far proven one of the most successful nations in the world in fending off the coronavirus pandemic.
At time of typing, 235 cases of the virus have been confirmed on the island, with two deaths.
Now being held up as a ‘how-to’ case by governments around the world, the Democratic Progressive Party (DPP) led Administration of President Tsai Ing-wen has recently outlined a range of new measures to continue the battle.
Banking Sector
Many focus on helping the economy at a time global markets have seen 30-35% wiped off their value according to BBC sources in the UK.
Of primary importance will be banks cutting interest rates on lower-value private accommodation (under NT $10 million) by 0.5% until September.
Personal Benefits
Other notable measures targeted at individual taxpayers will permit deferment of personal tax bills for up to 12 months if payment is subsequently made in one go, or for a period of three years if paid in installments.
Small scale companies hit by the effects of COVID-19 on the economy will see corporate taxation reduced to zero in some cases.
Some elderly Taiwanese, disadvantaged families with children and the disabled could also benefit. Payments of NT $1,500 per month will be provided for three months to those who qualify.
Travel Industry
Furthermore, those forced to cancel travel plans as a direct result of the pandemic could be provided with NT $500 vouchers. These are intended to help offset domestic travel costs planned to replace international trips, and would cost the national government around NT $1 billion according to online reports.
And, whilst help for airlines has already been well documented, travel agencies and travel industry businesses will also get government support – up to NT $100,000 for travel agencies, and NT $200,000 to hotels affected.
Smaller scale bed and bed and breakfast businesses hit by cancellations caused by COVID-19 will receive between NT $50,000 and NT $100,000.
