East Asia

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 48,455.88
% of GDP (2019): 8.00%
% of Regional Total Package: 1.77%
Package Per Capita in USD: 2,052.94
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline TWD200,000,000,000 USD6,637,792,270
01A - Short-term lending info_outline TWD200,000,000,000 USD6,637,792,270

April 2020: (i) Under the special accommodation facility, the monetary authority of Taipei,China (the Bank) will, preliminarily, provide banks with additional funds of a total amount of TWD200 billion and at a rate of one percentage point lower than the policy rate on accommodations with collateral, in order to support credit extensions to SMEs. As of 10 December 2020, the application deadline has been extended to 30 June 2021, and such loans that lenders approved on or after 5 January 2021 would continue to enjoy the facility's preferential interest rates until year-end [update]; (ii) To ensure continued availability of liquidity banks may also use their holdings of the certificates of deposit (CDs) and negotiable certificates of deposit (NCDs) issued by the Bank to request early withdrawal or to take out secured loans; (iii) In case of emergency, the Bank's expanded repo facility, introduced in 2008 at the onset of the global financial crisis, could also be utilized to provide sufficient market access to liquidity; (iv) Under the broadened scope, securities firms and insurance companies are included as eligible counterparties in addition to banks and bills finance companies.

01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate reductions

No amount/estimate: 20 March 2020, The discount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral will be reduced by 0.25 percentage points to 1.125%, 1.5%, and 3.375%, respectively; 18 June 2020, The discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations were kept unchanged at 1.125%, 1.50%, and 3.375%, respectively; 17 September September 2020, the Monetary Board kept the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 1.125%, 1.50%, and 3.375%, respectively. 17 December 2020, the Monetary Board decided unanimously to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 1.125%, 1.50%, and 3.375%, respectively [update].

02B2 - Other policies to support long-term lending
02C - Loan guarantees
03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance
04 - Equity support info_outline
05 - Health and income support TWD384,900,000,000 USD12,774,431,224
05A - Health support TWD73,460,000,000 USD2,438,061,101

(i) 25 February 2020, 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 2020: (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) 23 April 2020, 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) 8 May 2020, 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; (vi) 23 October 2020, The Ministry of Health and Welfare will receive TWD37.36 billion from the new funding for its social welfare programs, including disease prevention; (vii) No amount/estimate: 30 December 2020, CECC announced that it has negotiated with COVID-19 vaccine manufacturers to procure approximately 20 million doses, including 4.76 million doses through COVAX, and 10 million doses from AstraZeneca, and some doses from another vaccine maker, which is still under discussion. The vaccine doses are expected to be delivered as early as March 2021 [update].

05B - Income support TWD311,440,000,000 USD10,336,370,123
05B1 - Tax and contribution deferrals and policy changes

No amount/estimate: April 2020, Aiming at alleviating the impact of the coronavirus (COVID-19) pandemic, the authorities introduced several supportive tax measures including (a) deferral of tax payments or by installments for affected enterprises and individuals, (b) extension of tax filing and payment deadline under special circumstances (e.g. quarantine or isolation), and (c) corporate income tax 200% deduction on certain salary expenses, (d) 3 November 2020, Subsidies offered by the government to profit-seeking enterprises due to COVID-19 are exempt from income tax.

05B2 - Tax and contribution rates reduction
05B3 - Wage support and subsidies to individuals and households

(i) No amount/estimate: 15 July 2020, The authorities announced a "triple stimulus" voucher program that allows people to purchase TWD3,000 (USD100) worth of vouchers for just TWD1,000. By encouraging spending and stimulating the economy, the program will help the economy to turn the crisis into opportunity and safely weather the coronavirus pandemic; On 12 November 2020, Premier Su Tseng-chang announced that eligibility for the "triple stimulus" voucher program will be extended to holders of Alien Permanent Resident Cards and diplomatic identification cards starting November 16, as a gesture of goodwill and hospitality to foreigners residing in Taipei,China; (ii) No amount/estimate: 20 August 2020, The triple stimulus vouchers people receive are exempt from income tax, and merchants accepting them for the exchange of goods or services should issue uniform invoices in accordance with regulations; (iii) No amount/estimate: 1 October 2020, The Executive Yuan supports a plan by the Ministry of Transportation and Communications to extend the subsidies for domestic travelers until the end of next month. The Tourism Bureau has been offering TWD1,000 (USD34.30) subsidies per hotel room since July 2020.

05B4 - Subsidies to business TWD311,440,000,000 USD10,336,370,123

April 2020: (i) Under the TWD60 billion budget, the authorities will assign TWD40.4 billion to subsidize a wide range of industrial sectors that have been hit by the COVID-19 spread, such as the service industry, the manufacturing industry, the tourism industry, the transportation industry, the agriculture/fishing industry, and the arts/cultural industry; (ii) Of the TWD150 billion special budget, TWD133.5 billion will go toward helping with the recovery of local businesses and other entities and providing relief to self-employed workers, according to the Directorate General of Budget, Accounting and Statistics (DGBAS); (iii) No amount/estimate: Aiming at alleviating the impact of the coronavirus (COVID-19) pandemic, the authorities introduced several supportive tax measures including (a) deferral of tax payments or by installments for affected enterprises and individuals, (b) extension of tax filing and payment deadline under special circumstances (e.g. quarantine or isolation), and (c) corporate income tax 200% deduction on certain salary expenses, (d) 3 November 2020, Subsidies offered by the government to profit-seeking enterprises due to COVID-19 are exempt from income tax; (iv) No amount/estimate: 27 May 2020, The Ministry of Transportation and Communications will provide travel subsidies to encourage domestic travel effective 1 July 2020. The ministry is planning campaigns that will subsidize the group travel sector to the tune of TWD600–TWD700 (USD20–USD23) per person per day, while the independent travel sector will enjoy a subsidy of TWD1,000 per room per night; (v) No amount/estimate: 9 July 2020, The Premier calls for increase in special budget to aid targeted industries; (vi) 23 October 2020, TWD137.54 billion of the new funding was allocated to the Ministry of Economic Affairs to ease its financial shortfall in subsidizing loans and providing assistance to pandemic-hit enterprises and cover gaps in funding for its consumer voucher program.

05B5 - Indirect income support
05B6 - No breakdown (income support)
05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received
08A - Swaps info_outline
08B - International loans/grants
08B1 - Asian Development Bank
08B2 - Other
09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown TWD875,100,000,000 USD29,043,660,079

No amount/estimate: (i) April 2020, The authorities released several nontax measures to support business enterprises, including interest subsidies, loan guarantees, technology upgrade assistance including cash grant, employee education subsidy or free training courses on smart machinery and digital transformation, and others; (ii) 2 April 2020, The Cabinet passed an TWD1.05 trillion (USD34.7 billion) emergency economic relief package to minimize the impact of COVID-19 on the economy, which includes TWD210 billion for health and non-health spending (see Measure 5); (iii) 23 July 2020, The Cabinet approved a second special budget increase to further fund Taipei,China's COVID-19 response program. This second special budget expansion calls for an additional TWD210 billion (USD7.1 billion) to fund expenses associated with disease prevention, relief packages, and economic stimulus, such as subsidies for workers' wages and business operations, and money for the research, development and purchase of vaccines; On 23 October 2020, The Legislative Yuan passed the special budget of TWD209.95 billion (USD7.33 billion) to continue economic relief measures that will ease the impact of the COVID-19 pandemic on Taipei,China's economy (see Measure 5 for the breakdown. Other ministries will also get funding for their relief subsidy programs).

11 - Other Economic Measures

(i) From 27 February to 26 May 2020, importation of mask and undenatured alcohol concentration above 90% could be subject to temporary adjustment rates; (ii) From 4 March to 31 March 2020, the fever thermometers products could not be exported without the approval issued by the Bureau of Foreign Trade of the Ministry of Economic Affairs; (iii) Until 30 April 2020, the exportation of mask products (filtering efficiency 94% or more, of textile materials) are banned. However, woven or knitted masks without filter of textile materials, gas masks for epidemic prevention and replaceable filters, sponge masks, and paper masks are not subject to the export prohibition. Such ban may be further extended depending on the current COVID-19 situation; (iv) 16 September 2020, face masks are now included in a list of goods subject to import controls, but small quantities of up to 250 masks brought in by travelers will be exempt. The Bureau of Foreign Trade requires importers of either surgical masks or face masks to apply for import permits with the bureau.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) 7 February 2020, the authorities implemented entry restrictions and visa control measures; (ii) 15 February 2020, Travelers were required to undergo home quarantine; (iii) 22 June 2020, short-term business travelers are allowed entry and can apply for shortened home quarantine period; (iv) 24 June 2020, CECC announced that entry measures for foreign nationals and Hong Kong, China and Macau, China residents will be relaxed starting 29 June 2020 to meet commercial and trade demand and humanitarian needs; (v) 23 July 2020, The Ministry of Foreign Affairs adjusts entry regulations for foreign nationals requiring them to present a certificate of a negative COVID-19 test taken within 3 working days of boarding the flight and undergo a 14-day home quarantine period; (vi) 26 July 2020, Travelers from the Philippines must undergo COVID-19 testing at airports and observe quarantive measures; (vii) 3 August 2020, The Ministry of Education allows the return of graduating students from outside 19 countries/regions to study in Taipei,China from 22 July 2020; (viii) 19 August 2020, New and current international students enrolled in elementary and secondary schools allowed to enter, as Taipei,China further eased its border restrictions; (ix) 19 November 2020, CECC anounced tougher prevention measures, including a negative COVID-test within 3 days of boarding the flight, which will take effect on 1 December 1 to 28 February 2020; 25 November 2020, Three cases exempted from the testing were announced; (x) 30 December 2020, The CECC announced that beginning 01 January 2021, entry restrictions and quarantine regulations for foreign nationals will be tightened. In addition, beginning 15 January 2021, apart from the original requirement of providing a COVID-19 RT-PCR test report issued within three days of boarding, arriving travelers must also provide proof of the location of their intended quarantine. The CECC will further adjust entry restrictions and quarantine regulations [update].

12B - Measures affecting business and workplace

(i) March 5, Central Epidemic Command Center (CECC) issues guidelines for large-scale public gatherings to prevent widespread community transmissions; (ii) April 1, CECC announced social distancing measures to reduce the risk of transmission; (iii) April 10, Crowd control was imposed at tourist hotspots, night markets, and temples; (iv) May 6, CECC lifts certain epidemic prevention measures as the COVID numbers stabilize; (v) July 8, CECC further relaxes restrictions concerning attending funerals and visiting relatives for people in home isolation or quarantine; (vi) August 26, CECC reminded the public that mask-wearing is mandatory in eight venues which include healthcare facilities, public transportation, markets, learning spaces, sports and exhibition venues, religious places, entertainment venues, and large-scale events. The local government may impose penalties, if necessary. On November 18, CECC announced that noncompliance of the mandatory wearing of masks will be fined at TWD3,000-TWD15,000 from December 1; (vii) 9 December 2020, CECC announced that migrant workers should continue to observe a 7-day self-health management after they complete a 14-day period of group quarantine/home quarantine [update].

12C - Others

9 December 2020, The CECC announced adjustments to the name-based mask distribution system starting 31 December 2020, including (a) quota of 10 masks per person every two weeks at a price of NTD40 and (b) change to name-based mask distribution system [update].