Republic of China 2003 Analysis of Final Central Government Accounts

  • Post date:2004/12/21
  • Update date:2004/12/21

Foreword

  The year 2003( (hereinafter referred to as “theis year”)) final Central Government accounts originally designated revenue stood at $1 trillion 322.4 billion, expenditure at $1 trillion  550.2 billion, with a difference a difference of $227.8 billion; repayment of principal amounted to $465 billion, requiring a financial statement of $274.3 billion. Government bonds were issued, funds borrowed, and past annual surplus transferred to reach a balance. To relieve the short-term unemployment issue swiftly, boost economical prosperity, elevate citizen quality of life and strengthen National Infrastructure within the year, the first increase (decrease) of budget has been processed in accordance to with the “Temporary Provisions For Expanding Employment Through Public Service” and the “Infrastructure Investment and the Major Investment Projects” regulations. Also, to care for senior citizens and to lessen the damage to farmers and assist adjustments of the agricultural products industryies suffering from a glut of imported products to lessen the damage to farmers, the second increase (decrease) of budget has been processed in accordance to with the “Temporary Provisions for Elderly Welfare Subsidy” and the “Agricultural Development” regulations. As a result of the two listed increases (decreases) in budget modifications, the revenue increased to $1 trillion 61.6 billion, the expenditure increased to $1 trillion 656.7 billion, the difference amounted to $295.1 billion; repayment of principal amounted to $46.5 billion, requiring a financial statement of $341.6 billion.  Government bonds issued and funds borrowed amounted to $302.3 billion, with an additional transfer of $39.3 billion from past annual surplus to reach a balance.
  Due to the US-Iraq War and SARS epidemic this year, the national economy faced great losses, which relatively influenced processing of the year’s final Central Government accounts (including increases and decreases in budget). The rRevenues was affecteddipped, identifiable especially in  due to tax shortages, especially in  such as income tax tax and stock exchange tax. ; lLuckily, the business surplus and income increased marginally, and with Government retrenchment of recurrent expenses, the recurrent revenue barely made it possible for a surplus, which totaled $30.2 billion to leave in surplus.  After making transfersrring to fund capital expenditure, the difference between revenue and expenditure amounted to $298.9 billion and repayment of principal amounted to $46.5 billion, requiring a total financial statement of $345.4 billion.   All revenue shortages fall in capital departments, thus the Budget Act was applied. Government bonds issued and funds borrowed amounted to $301.6 billion, with an additional transfer of $43.8 billion from past annual surplus to reach a balance.