Taiwan Govt owe record debt unable to pay in 60 years!

[matamafia]

Owe Ah Long BIG TIME!

Annual Deficit $161,100,000,000 cumulative debt over $4,000,000,000,000 estimated repayment required 62 years.

http://tw.news.yahoo.com/article/url/d/a/100728/5/2a2d2.html

政府負債4兆 60年也難還清
中央社 更新日期:"2010/07/28 16:36"

（中央社記者葉素萍、溫貴香台北28日電）審計部今天公布98年度中央政府總決算審核報告，歲入歲出差短為新台幣1611億元，近4年來首次差短，逾4兆的債務餘額也創歷年新高，在不增加舉債前提下，62年才能還清。

審計部指出，歲入歲出差短主要是受全球金融風暴及政府減稅措施等因素影響，稅課收入不如預期，經常收支賸餘不足支應資本收支短絀。

審計部表示，近年來財政部實施各項減稅措施，導致稅收減少，租稅負擔率下滑，影響國家財政甚鉅，並衍生是否符合社會公平正義原則的爭議。審計部希望相關單位檢討不合時宜的租稅減免及扣抵，建立定期檢討機制，以免過度或不當的減稅政策影響長期財政體質。

審計部資料顯示，中央政府1年以上公共債務未償餘額，從民國90年底的2兆6409億餘元，逐年增加到98年底的4兆562億餘元，8年間增加債務1兆4153億餘元，如果再加計未滿1年債務2400億元，債務就高達4兆2962億餘元。

審計部認為，債務還本預算不足以償還到期債務，未能有效抑制債務成長。如果按民國91年度以來，每年度編列還本預算最高金額650億元推估，在不增加舉債前提下，截至98年度止1年以上債務餘額，約需62年才能還清。

審計部說，民國99年度中央政府總預算舉債預算數2287億餘元，莫拉克颱風災後重建特別預算99年度分配預算數775億餘元，以及99年度振興經濟擴大公共建設特別預算1910億餘元，99年度舉債預算就高達4974億元，中央政府總預算及特別預算編列債務的舉借金額持續擴增，以致中央政府債務餘額屢創新高。

審計部認為，如果依公共債務法第10條規定，僅以稅課收入5%編列還本預算，實在不足以償還到期債務，為降低債務餘額，避免債留子孫，已函請財政部積極檢討，財政部則已在今年3月提出「中長程財政健全方案」，協同各部會確實執行，希望能達成財政健全的願景。990728

 

[matamafia]

http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aALL&ID=201007280027

Auditor warns of worsening national debt situation
2010/07/28 22:27:35
Taipei, July 28 (CNA) Taiwan's national debt was NT$4.29 trillion (US$134 billion) as of the end of 2009, an amount that would take 62 years to pay back, even without the addition of new debts, the National Audit Office (NAO) said Wednesday.

In its report on the Central Government's revenue and expenditure for 2009, the NAO said that the national debt had increased by NT$1.41 trillion in eight years -- from NT$2.64 trillion in 2001 to NT$4.05 trillion in 2009.

If the NT$240 billion short-term debt is included, the figure becomes NT$4.296 trillion, the NAO said.

The national debt spiked because of declining government revenue as a result of various tax cuts and the financial crisis, as well a shortfall in the government budget for debt servicing, the NAO said.

The NAO urged government agencies to seriously consider tax cuts or reduced spending to prevent further spiralling of the national debt. (By Yeh Su-ping & Bear Lee) Enditem/ pc

 

[merlion_CB]

At least they can managed to work out their book like this.

Unlike PAP govt who told late Ong Teng Cheong that they will need 52 man-year to work out their actual financial situation.

By the time Prata Man die TWICE he still won't know anything about the figures. Meanwhile he just draw huge salaries and enjoy while he still can.:oIo:

 

[botakboon]

WAF?!

62 years is a lifetime leh.

That means the debt have to be paid by their children? or grandchildren?

 

[longbow]

It is about 50% of GDP so still managable. I think Japan is approaching 200%!

Country's politics are controlled by the rich industrialists who in turn fund the politicians. So probably lots of tax breaks, the rich send their $$ overseas.

I think if they just bump up income taxes by 5% for the ruch, all this debt would be paid off very quickly.

 

[Received_by_Kings]

By the time Prata Man die TWICE he still won't know anything about the figures.

Going by your assertion a cat should be elected to be the next President as cats are said to have nine lives each.

 

[matamafia]

It is about 50% of GDP so still managable. I think Japan is approaching 200%!

Country's politics are controlled by the rich industrialists who in turn fund the politicians. So probably lots of tax breaks, the rich send their $$ overseas.

I think if they just bump up income taxes by 5% for the ruch, all this debt would be paid off very quickly.

You can expect one more round of CRISIS quite immediately. This time is the ASIAN FINANCIAL CRISIS. Japan Korea Taiwan Thailand & Malaysia are broke. Indonesia & Philippines also. Dubai is confirmed broke also.

Only Arabs & PRC & India & Vietnam (may be) are safer.

Singapore is broke but pretending to be strong. It is only THE Emperor's New Clothes.

When the big trigger is pulled Singapore won't be able to bluff further and will collapse.

US & EU & Asia will take turn to flip before eventually the whole world together.

The mother of all bubbles will burst.

 

[longbow]

But not only look at debt but also future economy growth potential.

Company A and B bot have $10M in debt.

Company A is doing well, growing fast and they borrowed the $10M to build that new warehouse and upon completion already fully used.

Company B - in sunset industry, sales is declining - and because of that having difficulty servicing loans - that $10M maybe last nail in coffin

Japan is a worry case. They have very high debt levels, citizens are getting old and pop is shrinking. Right now much of their Gov debt is held by their cititzens but as citizens get old they will draw down on this debt. Their economy is very slow and their mfg companies face increasing pressure from the Chinese. who are moving up the ladder very fast.

 

[palden]

Singaporeans also owe record debts and if things still cary on like this we will not be able to repay our HDB in 100yrs!