|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Hong Kong, China||05||05 - Health and income support||HKD||298,070,000,000||38,385,854,657|
|Hong Kong, China||05A||05A - Health support||HKD||30,000,000,000||3,863,440,265||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).||
Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.
|Hong Kong, China||05B||05B - Income support||HKD||268,070,000,000||34,522,414,393||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200701/20200701_103654_754.html?type=category&name=covid19 (accessed 3 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_102820_957.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_182259_512.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200710/20200710_171954_233.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200728/20200728_174801_237.html?type=category&name=covid19 (accessed 14 August 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200916/20200916_144229_043.html?type=category&name=covid19; https://www.news.gov.hk/eng/2020/09/20200921/20200921_121022_367.html?type=category&name=covid19(accessed 24 September 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200925/20200925_151755_190.html?type=category&name=covid19 (accessed 2 October 2020).||
(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP); (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP); (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP); (iv) Sector-specific relief measures (HKD21 billion or 0.7% of GDP); (v) Temporary job creation (HKD6 billion or 0.2% of GDP); (vi) cash payouts to permanent residents aged 18 and above (HKD71 billion or 2.5% of GDP). (vii) No amount/estimate: June 2, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (viii) June 8, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (increased funding of HKG50 million) and extending the subsidy initiative for tourist guides (for 6 monyhs until April 27, 2021). (ix) HKD6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. (x) July 8, HKD1.02 billion for the Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund which provides a 50% subsidy for participation fees in exhbitions organized by the the Hong Kong Trade Development Council. (xi) No amount/estimate: July 8, Increased rental concessions for eligible tenants from 50% to 75% through September, extended the measure’s scope to cover more businesses, and provided full rental waivers for businesses that have had to completely cease operations due to anti-epidemic measures during the closure period. (xii) No amount/estimate: July 10, Announced an additional HKD6,000 ex-gratia payment under the Anti-epidemic Fund to public rental housing applicants who have accepted advance allocation offers for Fai Ming Estate in Fanling and Chun Yeung Estate in Fo Tan. (xiii) July 28, Authorities announced a 2-month waiver for public rental housing tenants worth HKD3.5 billion for the months of September 2020 and 2021 along with a 9.66% rent increase. (xiv) September 16, Authorities announced further rent relief and enhanced concessional rates to non-domestic tenements for the third and fourth quarters of 2020-2021. On September 21, the Hong Kong Housing Authority also announced extended rent concessions for non-domestic tenants by another 6 months from October 1. [update] (xv) September 25, Authorities opened applications for salary subsidies for new positions that aim to create 1,500 new jobs in the financial services industry. [update]
|Hong Kong, China||07||07 - Central bank financing government||HKD|
|Hong Kong, China||07A||07A - Direct lending and reserve drawdown||HKD|
|Hong Kong, China||07B||07B - Secondary purchase: government securities||HKD|
|Hong Kong, China||09||09 - International Assistance Provided||HKD|
|Hong Kong, China||09A||09A - Swaps||HKD|
|Hong Kong, China||09B||09B - International loans/grants||HKD|
|Hong Kong, China||11||11 - Other Economic Measures||HKD|
|Mongolia||05||05 - Health and income support||MNT||4,838,793,142,824||1,755,400,000|
|Mongolia||05A||05A - Health support||MNT||198,193,703,412||71,900,000||ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
March, Health sector measures (USD71.9 million).
|Mongolia||05B||05B - Income support||MNT||4,640,599,439,412||1,683,500,000||ADB. https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
March: (i) Measures supporting citizens (USD154.6 million), which includes (a) Personal Income Tax exemption (USD63.2 million); (b) Job retention allowance (USD18.4 million); (c) Child money program (USD12.4 million); (d) VAT refunds (USD14.4 million); (e) Erdenes Tavan Tolgoi Dividends Payout (USD46.2 million). Erdenes Tavan Tolgoi is a state-owned enterprise where each Mongolian citizen owns a share; (ii) Support to vulnerable businesses and fiscal stimulus measures (USD1,567.9 million), which includes (a) Exemption on social insurance (USD288.2 million); (b) Social insurance penalty exemption (USD4.2 million); (c) Corporate Income Tax exemption (USD10.8 million); (d) Exemption for tax penalties and fines (USD5.4 million); (e) Rental relief (USD7.2 million); (f) Import tax and duties exemption of food products (USD3.6 million); (g) Cashmere sector support (USD118.1 million); (h) Discount on agricultural equipment (USD12.3 million); (i) Capital projects (of which two-thirds does not yet have financing) (USD1,079.1 million).
|Mongolia||07||07 - Central bank financing government||MNT|
|Mongolia||07A||07A - Direct lending and reserve drawdown||MNT|
|Mongolia||07B||07B - Secondary purchase: government securities||MNT|
|Mongolia||09||09 - International Assistance Provided||MNT|
|Mongolia||09A||09A - Swaps||MNT|
|Mongolia||09B||09B - International loans/grants||MNT|
|Mongolia||11||11 - Other Economic Measures||MNT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/230071 (accessed 2 July 2020).||
(i) Feb 13, Temporary suspension of coal exports to the People's Republic of China; (ii) June 30, Re-opening of children playground centers except of PC game centers, summer camps, religious and cultural centers, cinema theatres, snooker centers, and karaokes. However, public protests and mass gathered sports contests will remain prohibited. By reviving the operations, it is expected to keep around 10,000 jobs.
|People's Republic of China||05||05 - Health and income support||CNY||9,868,675,000,000||1,406,180,212,646||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Xinhuanet. http://www.xinhuanet.com/english/2020-04/03/c_138944267 (accessed 15 April 2020); The State Council The People's Republic of China. http://english.www.gov.cn/premier/news/202005/29/content_WS5ed058d2c6d0b3f0e9498f21.html (accessed 1 June 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/latestreleases/202006/03/content_WS5ed70fc3c6d0b3f0e94997da.html (accessed 19 June 2020); CBRC. http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=911621&itemId=915 (accessed 24 June 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); Xinhua. http://www.xinhuanet.com/english/2020-07/19/c_139223437.htm (accessed 21 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202008/04/content_WS5f28a5ebc6d029c1c2637269.html (accessed 4 Ausgust 2020); China Daily. https://www.chinadaily.com.cn/a/202008/04/WS5f28b5c8a31083481725dfcb.html (accessed 7 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/videos/202008/27/content_WS5f47062fc6d0f7257693b200.html (accessed 12 September 2020).||
(i) CNY1.60 trillion for local governments' infrastructure projects to boost investment amid slowing economic activity and trade headwinds with the United States funded by increase in the ceiling for special local government bonds of 1.3 percent of GDP. The main buyers of such bonds have been state-owned policy banks; (ii) By the end of April, local governments had given out more than CNY6.5 billion worth of consumer vouchers, essentially government subsidised coupons or discounts that can be spent at designated venues, according to data from 42 cities collated by the Chinese Academy of Social Sciences (CASS); (iii) May 28, announced CNY2 trillion in increase in fiscal deficits and issuance of special treasury bonds worth of CNY1 trillion of which CNY300 billion will be used by local governments for COVID-19 prevention and while the rest to support local governments’ operations. The increase of budget deficits and funds raised from the issuance of government bonds for COVID-19 control will all be channeled to primary-level governments. Companies, especially smaller firms, will truly benefit from these funds, and people who live on social security schemes, subsistence allowance, unemployment benefits, old-age support and those living in difficulties will be able to benefit. CNY4 trillion covers payment relief for enterprises of their contributions to social security schemes, and taps into the balance of the unemployment insurance fund, interest concessions made by state-owned commercial banks, and price reductions in natural monopoly industries to lower enterprises’ operating costs. This money will be primarily used to support jobs, people’s basic living needs and businesses, and sustain household income. The government also said expenditure on investment projects will rise by 22.4 billion yuan for 2020. August 27, PRC released fiscal funds of CNY2 trillion that aim to directly benefit businesses and people, and consolidate the foundation of the country's restorative growth. Nearly CNY300 billion of the total funds had been used to support tax and fee cuts by mid August, while CNY1.674 trillion or 98.5 percent of the remaining 1.7 trillion yuan have been allocated by the central government. Local governments have spent CNY509.7 billion, accounting for 30.5 percent of CNY1.674 trillion in funds ; (ii) No amount/estimate: June 3, Logistics costs will be further reduced to improve the efficiency of logistics, accelerating the recovery of production and the return to normal life following the COVID-19 epidemic, according to a guideline from the National Development and Reform Commission and the Ministry of Transport ; (iii) June 23, estimated at CNY70O million: China Banking Regulatory Commission issued a "Notice on Hubei Province Insurance Legal Institutions and Branches Exempted from Payment of the 2020 Insurance Security Fund." with this exemption, insurance institutions will be able to provide better risk protection and financial support for the economic and social development of Hubei ; (iv) No amount/estimate: June 9, The Ministry of Human Resources and Social Security proposed to increase vocational skills training efforts to increase the number of free online training and open-line training to areas severely affected by the epidemic and to expand the scope of free courses; (v) No amount/estimate: June 17, Increased the subsidy standard for basic public health services per capita to 74 yuan, for the prevention and control of the new coronary pneumonia epidemic situation, to strengthen the grass-roots epidemic prevention and control; (vi) No amount/estimate: June 24, the State Council announced that government will work to further shorten the time required for starting a business and better regulate the charges on businesses from industry bodies and associations, in an effort to lessen corporate burdens and spur their vitality; (vii) July 13, China's National Development and Reform Commission (NDRC) has allocated CNY45.66 billion to boost the capacity for the prevention, control and treatment of diseases; (viii) July 14, the Ministry of Emergency Management announced an allocation of a total of CNY615 million for disaster relief in regions hit by floods; (ix) No amount/estimate: July 30, PRC decided to hand out financial aid to jobless rural workers and other unemployed groups not covered by unemployment insurance, according to the Ministry of Civil Affairs; (x) No amount/estimate: August 5, The State Council has pledged to bolster China's COVID-19 testing capacity and develop technologies that can produce more accurate results more quickly as the country braces for a possible spike in infections in autumn and winter. Improving testing capacity will be a key measure in coordinating epidemic containment and socioeconomic development; (xii) August 12, State Taxation Administration announced PRC's tax and fee cuts totaled over CNY1.5 trillion. The orderly implementation of China's tax and fee cut policies has helped invigorate market entities and strengthen the sustainability of enterprises' development.
|People's Republic of China||05A||05A - Health support||CNY|
|People's Republic of China||05B||05B - Income support||CNY|
|People's Republic of China||07||07 - Central bank financing government||CNY|
|People's Republic of China||07A||07A - Direct lending and reserve drawdown||CNY|
|People's Republic of China||07B||07B - Secondary purchase: government securities||CNY|
|People's Republic of China||09||09 - International Assistance Provided||CNY||14,246,687,636||2,030,000,000|
|People's Republic of China||09A||09A - Swaps||CNY|
|People's Republic of China||09B||09B - International loans/grants||CNY||14,246,687,636||2,030,000,000||FT. https://www.ft.com/content/054c0575-fa10-4d3e-a2a5-bd5ef388e4af?emailId=5ea20e1642729a000476bb9e&segmentId=60a126e8-df3c-b524-c979-f90bde8a67cd (accessed 1 May 2020); The State Council, The People's Republic of China. http://english.www.gov.cn/news/topnews/202005/18/content_WS5ec2960bc6d0b3f0e9497ec4.html (accessed 20 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-06/18/c_139147085.htm (acccessed 24 June 2020).||
(i) USD30 million to support World Health Organization's efforts in combating the global coronavirus pandemic; (ii) President Xi Jinping announced concrete measures to boost global fight against COVID-19 including providing international aid and making the country's COVID-19 vaccine a global public good when available. China will provide $2 billion over two years to help with COVID-19 response and with economic and social development in affected countries, especially developing countries; (iii) No amount/estimate: June 17, within the framework of the Forum on China-Africa Cooperation, PRC annonced that it will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020 .
|People's Republic of China||11||11 - Other Economic Measures||CNY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 June 2020); The State Council, The People's Republic of China. http://www.gov.cn/xinwen/2020-05/16/content_5512106.htm (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3085553/china-gdp-beijing-abandons-economic-growth-target-2020-work (22 May 2020); Xinhua Net. http://www.xinhuanet.com/english/2020-07/12/c_139206895.htm (accessed 13 July 2020); The State Council The People's Republic of China. http://english.www.gov.cn/news/pressbriefings/202007/17/content_WS5f11a035c6d00bd0989c61b7.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f7df0c6d029c1c2636cc4.html (accessed 4 August 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/28/content_WS5f1f883bc6d029c1c2636ce6.html (accessed 4 August 2020).||
(i) Restrictions on the investment quota of foreign institutional investors (QFII and RQFII) were removed; (ii) No amount/estimate: Additional financing support for corporates via increased bond issuance by corporates; (iii) Announced that it will make regulatory arrangements for the performance commitment requirements and adjustment of restructuring plans for listed companies that are indeed affected by the epidemic . encouraging lending to SMEs, including uncollateralized SME loans from local banks and raising the target for large banks’ lending growth to micro- and small enterprises from 30 percent to 40 percent; (iv) July 13, The State Council, China's cabinet, has decided to implement more reform measures experimented with at the pilot free trade zones (FTZs) across the nation. It is the sixth batch of measures tested by the pilot FTZs before being implemented in other areas. To be replicated nationwide are measures covering five areas: investment management, trade facilitation, financial openness and innovation, operational and post-operational oversight, and human resources; (v) July 14, The government encourages the private sector to fund transportation infrastructure, and no restrictive threshold shall be set for private investment in this aspect ; (vi) Juy 10, PRC will allow foreign banks to gain access to fund custody business in its market, as part of efforts to further open up the financial sector. Eligible Chinese branches of foreign banks will be able to apply for permits for fund custody business, according to the newly-revised fund custody rules jointly issued by the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission; (vii) July 17, The new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on September 1, which will safeguard the legitimate rights and interests of SMEs, reduce their operational costs and optimize the business environment; (viii) July 28, The State Council has adopted a package of measures to facilitate investment and widen market access to improve the business environment and help counter the economic impact of the COVID-19 pandemic. Key policies include the removal of unreasonable market access barriers in the construction, education, healthcare and sports sectors, improving the efficiency of customs clearance and encouraging the growth of new business models ; (ix) July 28, A new regulation on ensuring timely payments to small and medium-sized enterprises, which will go into effect on Sept 1, will better safeguard legal rights and interests of SMEs and private enterprises that are now having a hard time due to the COVID-19 pandemic and create a fairer business environment, said industry insiders .
|Republic of Korea||05||05 - Health and income support||KRW||75,100,000,000,000||61,553,019,719|
|Republic of Korea||05A||05A - Health support||KRW||2,100,000,000,000||1,721,189,633||OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020).||
(i) March 17, The National Assembly approved the budget of KRW2.1 trillion for disease control, i.e., epidemic prevention and treatment, support for medical institution and quarantined people; (ii) April 14, No amount/estimate: Temporary elimination of import tariffs on surgical and sanitary masks and melt blown filters until June 30, 2020.
|Republic of Korea||05B||05B - Income support||KRW||73,000,000,000,000||59,831,830,087||OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2020&no=217288 (accessed 29 June 2020). Pulse News. https://pulsenews.co.kr/view.php?year=2019&no=387490 (accessed 29 June 2020). Ministry of SMEs and Startups. https://www.mss.go.kr/site/smba/ex/bbs/View.do?cbIdx=86&bcIdx=1019337&parentSeq=1019337 (accessed 25 June 2020). AHK. https://korea.ahk.de/fileadmin/AHK_Korea/Navigation_menu/News/COVID19/Update_COVID-19_07_07.pdf (accessed 9 July 2020). Nikkei Asian Review. https://asia.nikkei.com/Economy/South-Korea-budgets-6.6bn-for-fourth-round-of-coronavirus-aid#:~:text=SEOUL%20%2D%2D%20South%20Korea%20on,recent%20resurgence%20in%20coronavirus%20cases. (accessed 11 September 2020).||
(i) February, The government announced emergency support of KRW20 trillion for households and damaged industries, such as tourism and export industries; (ii) March 2, Reduced taxes on new car purchases for 3 months. On June 5, the measure was extended by another 6 months until end-December 2020. (iii) In March 17: The National Assembly approved (a) loans and guarantees for small businesses, indirect support of wage and rent for small merchants (KRW4.1 trillion), (b) consumption coupons for the poor, emergency family care and employment retention support (KRW3.5 trillion), and (c) support for issuing local gift certificate, local government grants for infection prevention (KRW1.2 trillion); (iv) March 31, The government announced an emergency relief payment plan of KRW9.1 trillion (USD7.4 billion) to address the virus outbreak. The government plans to pay relief checks to households in the bottom 70% income bracket (around 14 million households), of up to KRW1 million (USD820) per household. For this, a second supplementary budget was submitted to the National Assembly and passed on April 30; and (v) No amount/estimate: Some local governments have announced cash support for people (a) Gyeonggi province announced KRW100,000 (USD82) to all residents, and (b) Seoul and Daejeon have a similar plan without specific criteria. (vi) July 3, the National Assembly approved the third supplementary budget worth KRW35.1 trillion with KRW23.7 trillion in new spending and KRW11.4 trillion revenue adjustment and support tax reductions. (vii) September 11, The government drafted a fourth supplementary budget worth KRW7.8 trillion, including cash payments to small businesses and self-employed workers, which will be subject to parliamentary approval.
|Republic of Korea||07||07 - Central bank financing government||KRW||3,000,000,000,000||2,458,842,332|
|Republic of Korea||07A||07A - Direct lending and reserve drawdown||KRW|
|Republic of Korea||07B||07B - Secondary purchase: government securities||KRW||3,000,000,000,000||2,458,842,332||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 June 2020).||
The BOK is purchasing Korean Treasury Bonds (KRW3 trillion).
|Republic of Korea||09||09 - International Assistance Provided||KRW||9,721,648,145,455||7,968,000,000|
|Republic of Korea||09A||09A - Swaps||KRW||9,233,613,600,000||7,568,000,000||BI. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020).||
April 7, USD7.568 billion bilateral currency swap arrrangement with Bank Indonesia.
|Republic of Korea||09B||09B - International loans/grants||KRW||488,034,545,455||400,000,000||PDI. https://newsinfo.inquirer.net/1265321/covid-19-pandemic-s-korea-to-offer-400m-to-emerging-nations-will-suspend-debt-payments#ixzz6LAu9V5KR (accessed 1 May 2020).||
Finance Minister Hong Nam-ki said the government will offer more than USD400 million to emerging nations this year for health projects against the novel coronavirus through the Economic Development Cooperation Fund, along with postponing debt payments worth USD110 million for 26 countries.
|Republic of Korea||11||11 - Other Economic Measures||KRW||WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 1 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152660 (accessed 22 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152874 (accessed 22 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-southkorea/south-korea-announces-29-billion-third-stimulus-budget-to-fight-virus-misery-idUSKBN23A03Y?il=0 (accessed 3 June 2020). Reuters. https://www.reuters.com/article/us-southkorea-economy-housing/south-korea-finance-minister-says-will-raise-tax-rates-for-multiple-home-owners-idUSKBN24B04X?il=0 (accessed 10 July 2020). Reuters. https://www.reuters.com/article/us-southkorea-economy-tax/south-korea-scales-back-capital-gains-tax-on-stocks-hikes-income-tax-for-top-earners-idUSKCN24N0GU?il=0 (accessed 22 July 2020). FSC. http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 (accessed 28 August 2020).||
(i) April 14, Temporary export ban on surgical and sanitary masks and melt blown filters. (ii) May 18, The FSC announced various measures to improve the exchange-traded fund and exchange-traded note markets to contain overheated investment demand and mitigate excessive concentration in particular investment products. (iii) May 19, the FSC announced implementation plans on measures to improve supervision of financial conglomerates: (a) introduce a group-wide risk assessment system which combines the currently distinct risk concentration and risk transfer categories into a single comprehensive framework for assessing capital adequacy requirements; (b) begin integrated group-wide disclosure in September through which the six financial conglomerates will gather required information from their subsidiaries and provide group-wide disclosure of information on 8 sections and 25 categories, including ownership & governance structure, internal risk management procedures, financial soundness, etc.; (c) introduce a group-wide internal control system in the second half of this year by having the six financial conglomerates establish and operate their own internal control council operate their own internal control councils and standards by the end of the third quarter this year. (iv) July 10, the Finance Minister announced the government will raise real estate taxes on properties valued over KRW600 million for multiple home owners and encourage renters to unload homes; capital gains tax rates will also be increased. As of July 22, The government clarified its planned revisions to the tax code pertaining to capital gains: (a) up to 25% tax on capital gains exceeding KRW50 million a year for retail stock market investors starting 2023; (b) starting October 2021, annual gains of more than KRW2.5 million from trading of cryptocurrencies will be subject to a 20% capital gains tax for local residents; and (c) a hike in income tax on earnings exceeding KRW1 billion a year from 42% to 45%. (v) August 27, The FSC announced an extended temporary ban on short-selling of stocks to March 15, 2021.
|Taipei,China||05||05 - Health and income support||TWD||210,000,000,000||6,969,681,884|
|Taipei,China||05A||05A - Health support||TWD||36,100,000,000||1,198,121,505||EY. https://www.ey.com/en_gl/tax/how-covid-19-is-causing-governments-to-adopt-economic-stimulus--; https://bit.ly/2A2ytcS; https://bit.ly/3cjQfGU; https://bit.ly/2YMAO66 (all accessed 8 May 2020).||
(i) February 25, Taipei,China's authorities passed the statute for prevention and rehabilitation of severe infectious pneumonia (the Statute). The Statute, which was enacted accordingly, is in response to the recent COVID-19 outbreak and aims to alleviate its impact on the domestic economy and society. The budget connected with the statute is TWD60 billion (approximately USD2 billion); April: (ii) The approved budget connected with the Statute is now TWD210 billion (approximately USD7 billion); (iii) Of the TWD60 billion budget, the authorities will spend TWD19.6 billion in transforming hospitals into isolation venues, establishing quarantine and testing venues for the virus, requisitioning medical materials and allocating funds as subsidies for schools and the transportation industry to battle the virus contagion; (iv) April 23, The Cabinet allocated the bulk of a special TWD150 billion (USD4.98 billion) budget to revitalizing the domestic economy, which has been hard hit by the COVID-19 coronavirus pandemic. Of the budget, TWD16.5 billion will be used to help fund the country's health response and recovery efforts amid the COVID-19 pandemic; (v) May 8, The authorities has given final approval to the TWD150 billion (USD5.02 billion) special budget to finance measures to support the economy amid the global COVID-19 pandemic.