Will Everyone Receive 10,000 Again? Securities Transaction Tax Surpasses NT$333.6 Billion, Legislators Call for Universal Cash Payout, Ministry of Finance Responds

Despite recent market volatility in the Taipei Stock Exchange, trading sentiment remains strong, significantly boosting government revenue. The securities transaction tax reached a record high in June, marking 11 consecutive months of year-on-year growth. Minister of Finance Chuang Tsui-yun, testifying before the Legislative Yuan's Finance Committee, projected that full-year securities transaction tax revenue in 2024 could exceed NT$600 billion.

Reviewing past tax data, the 2023 securities transaction tax budget was set at NT$269.4 billion, but actual collections reached NT$292.8 billion. By the end of June 2024, actual collections had already surged to NT$333.6 billion—surpassing the entire 2023 annual total—highlighting the remarkable growth in stock market trading volume.

Kuomintang legislator Lo Ming-tzai pointed out that Taiwan's stock market capitalization was under NT$20 trillion a decade ago, but has now grown to approximately NT$160 trillion. Government revenue has also expanded from around NT$1.8–2 trillion during President Tsai Ing-wen's early administration to over NT$3 trillion today, reflecting substantial growth in overall tax receipts.

Lo emphasized that Taiwan's society is experiencing a clear K-shaped divergence, with high profits concentrated in AI and semiconductor-related stocks, while many traditional industries have fallen below their 20-year moving averages. Ordinary citizens are under economic pressure and urgently need more government support. He advocated for a universal cash payout of NT$10,000 per person, noting that many local governments have already distributed between NT$5,000 and NT$8,000, and urged the central government to follow public sentiment and return tax revenue to the people.

In response, Finance Minister Chuang stressed that fiscal planning must prioritize national resilience, major infrastructure needs, and overall debt burden. She stated that the government cannot simply expand cash disbursements based on a surge in a single tax category.

Chuang explained that due to adjustments in the Fiscal Revenues and Expenditures Division Act, central government revenue from business taxes has plummeted from over NT$300 billion annually to just NT$10–20 billion. With fluctuating revenues across different tax categories, the government must allocate its total income prudently and efficiently to ensure optimal use of limited fiscal resources.