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Taipei City Government (TCG) shows fiscal discipline by reducing debt properly

According to the press release(Chinese) of Ministry of Finance's February 2, 2023, "The Centrally-Funded Tax Revenues actual implementation in 2022", the centrally-funded tax revenues belong to local government tax revenues and should be allocated according to the actual revenues. During the year, in principle, the allocation is appropriated evenly by month according to the budget notification allocations. If the actual revenues exceed the budget notification allocation, the 13th allocation operation will be processed after the end of the budget consolidation period (January 15 of the following year). In 2022, the actual revenue in the general centrally-funded tax revenues was increased compared with the budget notification allocation. The distribution was calculated and allocated according to the formula. The appropriation operation was completed on January 18, 2023, and the notification letter reminded all local governments to give priority to repaying debts when using the centrally-funded tax revenues that have been allocated. If not used for repaying debts, they should be carefully planned and properly used to avoid uneconomical expenses.

The TCG will prudently plan the use of allocated financial resources based on the principle of fiscal discipline and give priority to repaying debts and supporting major administration and construction funds. In order to speed up debt reduction and save debt interest, Taipei city government has repaid NT$2 billion of government bond which is due on January 30. The outstanding public debt balance has been reduced from NT$89.8 billion to NT$87.8 billion, and the average debt of each citizen has been reduced to NT$35 thousand as well. (Latest information on public debt(Chinese))