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| ROC Ministry of Finance | |
|---|---|
| Agency name | Ministry of Finance (Republic of China) |
| Native name | 財政部 |
| Formed | 1912 |
| Jurisdiction | Republic of China (Taiwan) |
| Headquarters | Taipei |
| Parent agency | Executive Yuan |
ROC Ministry of Finance
The Ministry of Finance of the Republic of China is the central administrative authority responsible for fiscal administration, public finance, taxation, customs, treasury operations, government accounting, and state asset management in the Republic of China (Taiwan). Located in Taipei and operating under the Executive Yuan, the ministry interacts with domestic institutions such as the Legislative Yuan, Central Bank of the Republic of China (Taiwan), and local governments, while engaging with international partners including the International Monetary Fund, World Bank, and regional bodies.
Established in 1912 during the era of the Beiyang Government, the ministry's antecedents trace to the late Qing reforms associated with figures like Li Hongzhang and institutional initiatives such as the New Policies (Qing dynasty). During the Xinhai Revolution and the founding of the Republic of China (1912–1949), the ministry adapted through tumultuous periods including the Northern Expedition, the Second Sino-Japanese War, and the relocation to Taiwan after the Chinese Civil War. In Taiwan, postwar reconstruction saw reforms influenced by advisors connected to institutions like the Truman administration, the International Monetary Fund, and the World Bank. Economic planning links include the Council for Economic Planning and Development (Taiwan), the Taiwan Provincial Government, and industrial policy debates involving entities such as Formosa Plastics Group and China Shipbuilding Corporation. Fiscal modernizations paralleled international trends exemplified by the Bretton Woods system and later the Asia-Pacific Economic Cooperation framework. Over decades the ministry has overseen responses to crises like the 1973 oil crisis, the 1997 Asian financial crisis, and the Global Financial Crisis (2007–2008), coordinating with agencies such as the Central News Agency (Taiwan) for public communication.
The ministry is organized into departments and bureaus modeled on counterparts such as the Ministry of Finance (Japan), the United States Department of the Treasury, and the HM Treasury of the United Kingdom. Key units include bureaus responsible for taxation, customs, treasury operations, government finance and accounting, state-owned enterprises, and property administration, collaborating with the National Taxation Bureau of the Taipei District, the Customs Administration, and the Bureau of National Property. Leadership appointments often involve nominees confirmed by the Legislative Yuan, with ministers sometimes drawn from academia or finance circles connected to institutions like National Taiwan University, Academia Sinica, and international banks such as Citibank and Bank of Taiwan. The ministry coordinates with the National Development Council, the Financial Supervisory Commission (Taiwan), and municipal finance departments in Kaohsiung and Taichung.
Mandates include drafting fiscal legislation submitted to the Legislative Yuan, administering tax codes analogous to provisions found in systems like the Income Tax Act of Japan or Internal Revenue Code (United States), and overseeing customs aligned with World Customs Organization standards. The ministry manages public expenditures, implements subsidy programs related to agriculture and industry affecting groups like the Taiwan Sugar Corporation and Taiwan Power Company, and supervises state-owned enterprises including Chunghwa Post and Taiwan High Speed Rail Corporation where applicable. It maintains accounting standards coordinated with entities such as the International Public Sector Accounting Standards Board and engages with financial institutions like the Export–Import Bank of the Republic of China.
The ministry prepares the annual national budget submitted to the Legislative Yuan and aligns macro-fiscal targets with monetary policy set by the Central Bank of the Republic of China (Taiwan). Budgetary cycles mirror practices in OECD members like Japan, South Korea, and Germany with medium-term fiscal frameworks influenced by studies from the International Monetary Fund and Asian Development Bank. Fiscal measures have been used to respond to shocks such as the 1999 Jiji earthquake and the COVID-19 pandemic, coordinating stimulus and relief programs with the Ministry of Health and Welfare (Taiwan), the Ministry of Economic Affairs, and the Council of Agriculture (Taiwan).
Revenue administration encompasses income tax regimes affecting individuals and corporations, value-added tax structures comparable to the European Union VAT model, and excise duties on goods like tobacco and alcohol. The ministry enforces tax collection through agencies such as the National Taxation Bureau and implements policies interacting with multinational corporations like TSMC and Hon Hai Precision Industry (Foxconn), addressing transfer pricing and international tax cooperation exemplified by engagement with the Organisation for Economic Co-operation and Development and adherence to frameworks like the Base Erosion and Profit Shifting initiative. Customs revenue and trade facilitation involve cooperation with partners under agreements like the Economic Cooperation Framework Agreement and entities such as the Ministry of Economic Affairs (Taiwan).
Debt management functions coordinate sovereign borrowing, domestic bond issuance, and treasury operations similar to practices in markets overseen by the Japan Securities Dealers Association or Hong Kong Monetary Authority. The ministry issues government bonds in local markets via intermediaries including the Taiwan Stock Exchange and manages liabilities in consultation with rating agencies such as Moody's Investors Service, Standard & Poor's, and Fitch Ratings. Public asset management includes oversight of pension-related funds tied to agencies like the Bureau of Labor Insurance and stewardship of government equity in enterprises like China Airlines.
International engagement spans multilateral institutions including the International Monetary Fund, the World Bank, and regional organizations such as Asia-Pacific Economic Cooperation despite diplomatic constraints involving the United Nations General Assembly and competing claims from the People's Republic of China. Bilateral and multilateral tax information exchange accords mirror standards set by the OECD and incorporate cooperation with jurisdictions like Japan, United States, Singapore, and European Union member states. The ministry negotiates customs and trade-related administrative arrangements with partners including the Customs Administration of Japan and ASEAN members, and participates in dialogues involving the World Trade Organization and financial forums such as the G20 finance track through indirect channels.
Category:Government ministries of Taiwan