Finance Minister: 50% Increase in Tax Exemptions for Children Aged 0-18, Aiming for Implementation Next Year

Central News Agency, Taipei, May 27. President Lai Ching-te announced 18 new strategies today to address challenges related to low birth rates and population structure. To reduce the burden on families, tax exemptions for children aged 0-18 will be increased by 50%. Finance Minister Chuang Tsui-yun stated that the Ministry will amend the Income Tax Act, aiming for implementation next year, with an estimated 2.7 million beneficiaries and NT$8 billion in tax relief. President Lai noted that the government will promote a growth allowance for children aged 0-18, providing NT$5,000 per month. For children aged 0-6, the funds can be used freely by families; for those aged 6-18, half will go to the family and the other half will be deposited into a special growth account. Existing preschool deductions will remain unchanged. Minister Chuang added that the tax exemption for each minor child will be raised to NT$151,500. Additionally, tax relief on housing and land taxes for married and child-rearing families is planned, expected to benefit over 1 million households. President Lai has instructed the Executive Yuan to expedite legal amendments and strengthen communication with the Legislative Yuan.