Taiwan’s premier says prices in the country have remained stable even though the economy has taken a hit from the war in Ukraine. Premier Su Tseng-chang said on Thursday that the average estimate for inflation this year is only 3% — almost 1% lower than predicted economic growth.
Su says Taiwan has lowered taxes on oil products and other bulk imports in response to the changing price of food and energy. The policy applies to major imports like soybeans, wheat, beef and corn.
The Cabinet decided in May to extend the tax breaks until the end of September. Cabinet spokesperson Lo Ping-cheng says there’s still no final decision on whether to extend them again.
Su adds that Taiwan’s official expense for maintaining basic living has increased to NT$196,000 (US$6,300). That means around 2.3 million households will get bigger deductions when they file tax returns next May. It’s the sixth consecutive year that the government has raised living expenses for tax purposes.