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Taipei’s Outstanding Debt was Reduced by 16.6 Billion NTD in 2015, Presenting High Debt Management Performance

The Department of Finance (DoF) of Taipei City Government (TCG) reports that TCG has been actively using financial strategies for broadening sources of revenue and reducing expenditure to consolidate government's debt structure. According to the Public Debt Act, 5% of the collected annual tax will be scheduled for the budget to pay off debt. In addition, TCG also coordinates annual revenue and surplus from the previous year to pay off the debts additionally after the amendment to the Public Debt Act in 2014.

 

In 2014, the annual revenue and surplus from the previous year contributed to an additional budget to pay off debts. The outstanding debt was then reduced by 16.2 billion NTD. In 2015, the total debt amount was reduced by 16.6 billion NTD with a 6.6 billion NTD scheduled budget and a 10 billion NTD additional budget for paying off debt.

 

The city's outstanding debt was 146.8 billion NTD when Mayor Ko took office at the end of 2014, and decreased significantly to 130.2 billion NTD at the end of 2015.In addition, Taipei's debt per capita was reduced from 54,000 NTD to 48,000 NTD, presenting a better debt management performance of the city.

 

The DoF affirms that TCG will keep establishing and executing financial strategies for broadening sources of revenue and reducing expenditure to consolidate government's debt structure.