5x stimulus voucher (Q&A): How and when to use?

Many industries were affected by the COVID-19 epidemic in May. To circulate the economy and people's livelihood, the Executive Yuan announced stimulus vouchers. The specifics will be announced after the official confirmation.

Why are stimulus vouchers issued instead of cash deposits?

According to the National Development Council (NDC), general income will increase the rate of savings for households and individuals, which might not be the most helpful way in stimulating private consumption. The NDC stated that the triple stimulus voucher launched last year resulted in 2 benefits. Not only does it increase consumers' willingness to buy, but also pushed local demand, and increases the employment rate as well.

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The "5x stimulus voucher" can help revitalize local industries and improve people's economic livelihood. (Photo / Retrieved from Liberty Times)

How was the 5x stimulus voucher proposed?

Executive Yuan spokesperson Lo Ping-cheng 羅秉成 said that there was 1 set of 9 triple stimulus vouchers (5 NTD200, 4 NTD500). The preliminary  plan for 2021 is 5 NTD200, 2 NTD500, and an additional 3 NTD1,000. The plan is still being drafted.

Which industries does the stimulus voucher contribute to?

President of the Executive Yuan Su Tseng-chang (蘇貞昌) stated that the market for local demand was especially affected by the COVID-19 epidemic. He believes it is necessary to help local industries in catering, retail, accommodations, art exhibitions, and cultural activities.

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Low and middle-income households can directly receive the coupons for free. (Photo / Retrieved form Liberty Times)

When are the 5x stimulus vouchers issued?

Once the epidemic stabilizes and people can continue their normal lives, the stimulus vouchers will be launched. Currently, it is expected to launch as soon as September.

Furthermore, for low and middle-income households, the Executive Yuan plans to directly transfer NTD1,000 in denominations to their accounts. Approximately 1.09 million people in Taiwan can receive the "5x stimulus vouchers" for free.