ROC consumer voucher
Encyclopedia
Issuing the Republic of China Consumer Voucher (中華民國振興經濟消費券) was part of an economic stimulus package held by the Republic of China (Taiwan) government. The distribution of the vouchers to every ROC(Taiwan) citizen
born before March 31, 2009 and some foreign residents (i.e. spouses of citizens) began on January 18 2009. The purpose of these vouchers was to combat the economic downturn
in the country mainly due to the global financial crisis which began in 2007. According to government officials, the vouchers had to be picked up before April 30, 2009, had to be used before September 30, 2009, and could not be deposited into bank accounts. The overall amount distributed in the form of Consumer Vouchers was $85.8 billion New Taiwan Dollars, roughly around $2.75 billion USD.
Each recipient was entitled to NT$3600, around US$115, the day the vouchers were distributed. Around 91% of the vouchers were picked up during the first phase of the distribution. These vouchers could be used to purchase just about any item in Taiwan
; however, there were a few notable restrictions. They could not be used to buy lottery
tickets or stored-value merchandise, such as prepaid cards.
Based on the premise of a multiplier effect in economics
, the R.O.C.(Taiwan) Government estimates a growth of 0.66% to 1% in GDP as a result of the increase in domestic demand from the circulation of these vouchers.
Nationality Law of the Republic of China
The Nationality Law of the Republic of China defines and regulates nationality of the Republic of China . It was first promulgated by the Nationalist Government on February 5, 1929 and revised by the Taipei-based Legislative Yuan in 2000, 2001, and 2006.The Act, like the Constitution of the...
born before March 31, 2009 and some foreign residents (i.e. spouses of citizens) began on January 18 2009. The purpose of these vouchers was to combat the economic downturn
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
in the country mainly due to the global financial crisis which began in 2007. According to government officials, the vouchers had to be picked up before April 30, 2009, had to be used before September 30, 2009, and could not be deposited into bank accounts. The overall amount distributed in the form of Consumer Vouchers was $85.8 billion New Taiwan Dollars, roughly around $2.75 billion USD.
Each recipient was entitled to NT$3600, around US$115, the day the vouchers were distributed. Around 91% of the vouchers were picked up during the first phase of the distribution. These vouchers could be used to purchase just about any item in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
; however, there were a few notable restrictions. They could not be used to buy lottery
Lottery
A lottery is a form of gambling which involves the drawing of lots for a prize.Lottery is outlawed by some governments, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments...
tickets or stored-value merchandise, such as prepaid cards.
Based on the premise of a multiplier effect in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, the R.O.C.(Taiwan) Government estimates a growth of 0.66% to 1% in GDP as a result of the increase in domestic demand from the circulation of these vouchers.