Taiwan's Audit Department certified FY2025 central government one-year-or-longer public debt outstanding at NT$6.071 trillion-plus, with the ratio below the 40.6% Public Debt Act ceiling

ANK-Doc ID: ANK-2026-07-24-004 Version: v1.0.0 Published: 2026-07-24 Author: 方實 — editor_role: 副編輯 (auto AI-structured) Category: Taiwan public finance / central government final accounts audit report (relayed via news reporting; no primary document checked by this site) Articles covered: CNA#1673409 (main anchor; CNA reporter Lai Yu-chen, published 2026-07-24, https://www.cna.com.tw/news/aipl/202607240146.aspx ) plus 11 further items retrieved from the full archive during writing, each an independent CNA or Storm Media report carrying its own publication date, each figure kept in its own sentence: CNA#1661321 (2026-07-23), CNA#1468712 (2026-07-13), STORM#1643518 (2026-07-22), CNA#595257 (2026-06-01), CNA#1060397 (2026-06-17), CNA#575179 (2026-05-29), CNA#921361 (2026-06-11), CNA#1593993 (2026-07-18), CNA#1540157 (2026-07-16), CNA#1486795 (2026-07-14), CNA#1252666 (2026-06-29). Selection method: Ranked first by the daily selector (ANKRUN-20260724193703; scores: `FD=112, CD=192.5, MC=3, FD_norm=90.7618, claim_units=55, chain_count=1, chainable_official=0, headline_fact_score=3; density_bucket=80-120`). Transparency: the selected lead item is a single CNA report and its source_pack.chain has 0 items; the other 11 items were retrieved from the archive during writing, each carrying its report date and article_id, and are used for fact-bracketing and context. They do not change the lead item's status as the single primary source and are not presented as a multi-source selection. Official-anchor calibration: official_count_verified = 0, official_count_raw = 0, official_attribution_unverified_count = 0 (full calibration in the Calibration section). The Audit Department, the Ministry of Finance, the Directorate-General of Budget, Accounting and Statistics (DGBAS) and the central bank are all government bodies, but this card stays at the level of "as reported by CNA / Storm Media"; this site has not gone back to any primary official document (the audit report, tax statistics, or bond auction results). Editorial approach (fact-nailing): the same set of final-account figures that shows headroom against the statutory debt ceiling is placed alongside three sets of numbers that are independent of one another and measured on different bases — revenue, borrowing cost, and competing uses. Each set stays in its own sentence with its own source and reference date; this card computes no cross-source differences, ratios or causal links. Internal citation chain: three published cards (ANK-2026-07-14-002 = CORROBORATE, ANK-2026-07-03-011 = CONNECT, ANK-2026-07-18-004 = CONTEXTUALIZE). No figure absent from the source texts is generated here; no unit conversion between the Chinese 億/兆 notation is used to create a new number, and no percentage or total is computed by this site. No Wikidata Q identifiers are attached (this shift ran no registry check; what is unverified is left out).

TL;DR

CNA reported on 2026-07-24 (reporter Lai Yu-chen) that Taiwan's Audit Department (審計部), the national audit authority, released its audit report on the FY2025 (ROC year 114) central government final accounts: revenue was revised up by NT$1.9 billion-plus and certified at NT$3.1796 trillion-plus; expenditure was revised down on a net basis by NT$800 million-plus and certified at NT$2.9332 trillion-plus; the revenue-expenditure surplus was NT$246.3 billion-plus; debt repayment of NT$141.5 billion was certified as submitted; and the resulting surplus on receipts and payments was NT$104.8 billion-plus. [F-001] The core debt figures: certified one-year-or-longer public debt outstanding of NT$6.071 trillion-plus, about 25.24% of the average nominal GDP of the preceding three fiscal years, below the 40.6% ceiling under the Public Debt Act. [F-002] Adding NT$70 billion of public debt outstanding with a maturity of under one year, the combined figure was NT$6.141 trillion-plus, down NT$37.9 billion-plus from FY2024 (ROC year 113). [F-003] Total assets were NT$65.7266 trillion-plus, total liabilities NT$53.7954 trillion-plus and total net assets NT$11.9312 trillion-plus. [F-004] Two special-account final settlements closed their shortfalls in different ways: the fifth phase of the Forward-looking Infrastructure Development Program ran a shortfall of NT$66.5 billion-plus, and its borrowing authority was retained in full, in line with overall treasury cash management, to meet needs in later years [F-005]; the special account for strengthening post-pandemic economic and social resilience and sharing economic gains ran a shortfall of NT$366.3 billion-plus, met in full by drawing on accumulated surpluses from earlier years under Article 5, Paragraph 2 of the relevant special statute. [F-006] Audit work for FY2025 identified 43 cases of financial irregularity across central government agencies, state-owned enterprises and funds, with a total of 99 personnel instances subject to disciplinary action. [F-007] These "headroom" figures sit inside a bracket formed by three independently reported sets of numbers measured on different bases: borrowing cost — at the 2026-07-23 auction of 20-year ROC year 115 Class A tranche 7 central government construction bonds, the highest accepted yield rose to 2.2%, the highest since November 2014, with a bid-to-cover ratio of just 1.04 (CNA report of 2026-07-23) [F-008]; revenue — national tax revenue in June 2026 was NT$1.1656 trillion, up 1.9-fold from the same month a year earlier, and the cumulative January-June 2026 collection was NT$2.5876 trillion, up 81.5% from the same period of 2025 (CNA report of 2026-07-13) [F-009]; competing uses — a draft special statute for procuring indigenous defence unmanned vehicles, approved by the Executive Yuan on 2026-06-18, provides for a special budget capped at NT$210 billion and is in first-reading review at the Legislative Yuan (CNA report of 2026-07-16) [F-016]. The "three-way bracket" is an editorial synthesis by 方實 based on the facts cited above and is not a sentence from any source text; the three sets have different populations, bases and reference dates, and this card neither merges them into one sentence nor computes any cross-source difference. Calibration nailed down: official_count_verified = 0; every figure is as reported by CNA or Storm Media on the dates cited, with no primary official document checked by this site (full calibration in the Calibration section); the denominator of the 25.24% ratio is the average nominal GDP of the preceding three fiscal years, not current-year GDP, so it must not be restated as a conventional debt-to-GDP ratio. [J-001]

Main text

Format and calibration (stated first): reporting-relay level, official_count_verified = 0

The main anchor of this card is CNA's report of 2026-07-24 (reporter Lai Yu-chen) on the Audit Department's audit report covering the FY2025 central government final accounts (CNA#1673409). The status of the material has to be nailed down first: every figure in this card is "as reported by CNA / Storm Media on the date cited", not "official data verified by this site." The Audit Department, the Ministry of Finance, the DGBAS and the central bank are all government bodies, but this shift did not obtain or check the audit report, the tax statistics or the bond auction results, so official_count_verified = 0, official_count_raw = 0 and official_attribution_unverified_count = 0 (the full statement of all three counts is consolidated in the Calibration section; every other passage points back to it). Any citation of a figure here must carry that calibration and must not describe it as officially verified. [J-001] (CNA#1673409)

For readers outside Taiwan, three pieces of background are needed before the numbers:

1. ROC year conversion. Taiwanese official documents count years from 1911. ROC year 114 = 2025, ROC year 115 = 2026, ROC year 113 = 2024, ROC year 120 = 2031 and ROC year 100 = 2011. This is a calendar conversion, not a new figure.
2. Unit rendering. The source reports state amounts in Chinese numeral units (億 = 10^8, 兆 = 10^12) in New Taiwan dollars. Rendering those into international units is a notation transposition; nothing has been recomputed. The suffix "-plus" renders the Chinese 餘 ("and a remainder"), meaning the source states that amount plus an unstated remainder.
3. The denominator is unusual. CNA's report of 2026-07-24 states that the certified one-year-or-longer public debt outstanding equals about 25.24% of the average nominal GDP of the preceding three fiscal years (CNA#1673409). That denominator is a three-year average, not current-year nominal GDP, and not the "current-year debt divided by current-year GDP" measure used in most international comparisons. The 40.6% figure is likewise the ceiling ratio set in the Public Debt Act (as worded in the source); it is comparable to 25.24% only because it uses the same denominator. Restating 25.24% as Taiwan's "debt-to-GDP ratio" swaps the denominator and misquotes the source. [J-002]

Core fact No. 1: certified revenue, expenditure and surplus

Per CNA's report of 2026-07-24, the Audit Department's review of the FY2025 central government final accounts revised revenue up by NT$1.9 billion-plus against the pre-certification FY2025 final-account figure, certifying it at NT$3.1796 trillion-plus, and revised expenditure down on a net basis by NT$800 million-plus against the pre-certification FY2025 final-account figure, certifying it at NT$2.9332 trillion-plus (CNA#1673409). The upward and net downward revisions are measured against the pre-certification final-account figures, and the source does not state those pre-revision amounts, so this card does not back them out or fill them in. [F-001]

The same report states a revenue-expenditure surplus of NT$246.3 billion-plus; debt repayment of NT$141.5 billion certified as submitted; and a surplus on receipts and payments of NT$104.8 billion-plus (CNA#1673409). All three are transcribed as reported, with no arithmetic check or restatement of basis by this site. [F-001]

Core fact No. 2: NT$6.071 trillion-plus, 25.24%, 40.6%

Per the same report, certified FY2025 one-year-or-longer public debt outstanding was NT$6.071 trillion-plus, about 25.24% of the average nominal GDP of the preceding three fiscal years, below the 40.6% ceiling under the Public Debt Act (CNA#1673409). [F-002]

The report also states that, adding NT$70 billion of public debt outstanding with a maturity of under one year, the combined figure was NT$6.141 trillion-plus, down NT$37.9 billion-plus from FY2024 (CNA#1673409). [F-003] Two points need nailing here. First, "down NT$37.9 billion-plus from FY2024" is a single-year change, FY2025 against FY2024; the source gives no longer annual series, so it must not be written up as "debt has fallen for consecutive years" or as a downward trend. Second, NT$6.071 trillion-plus (one year or longer) and NT$6.141 trillion-plus (including the under-one-year component) are two different measures, and the 25.24% ratio in the source corresponds to the former; the two must not be swapped when quoting. (See Calibration.)

On the balance sheet, the same report gives total assets of NT$65.7266 trillion-plus, total liabilities of NT$53.7954 trillion-plus and total net assets of NT$11.9312 trillion-plus. It attributes what it calls the increase in assets — with no reference year or amount stated in the source — mainly to valuation adjustments on non-current financial assets at the Executive Yuan's National Development Fund and to increases in construction in progress at Taiwan Power Company and in property, plant and equipment at the transport operating fund; and what it calls the increase in liabilities — again with no reference year or amount stated in the source — to a rise in banking-sector deposits at the central bank and to increases in customer time and savings deposits at Land Bank of Taiwan and Chunghwa Post (CNA#1673409). [F-004] This card transcribes the stated drivers and adds no growth rate.

Core fact No. 3: two special-account settlements, closed in different ways

Per CNA's report of 2026-07-24, in the final settlement for the fifth phase of the Forward-looking Infrastructure Development Program, revenue of NT$86.11 million-plus was certified as submitted; expenditure was revised up by NT$25.39 million-plus in realised amounts, with payables carried forward struck out in full, and certified at NT$66.6 billion-plus; and the revenue-expenditure shortfall of NT$66.5 billion-plus is handled by retaining the borrowing authority in full, in line with overall treasury cash management, to meet needs in later years (CNA#1673409). [F-005]

The same report states that in the final settlement for the special account for strengthening post-pandemic economic and social resilience and sharing economic gains, revenue of NT$81.77 million-plus was certified as submitted; expenditure was revised down by NT$2.6 billion-plus and certified at NT$366.3 billion-plus; and the revenue-expenditure shortfall of NT$366.3 billion-plus is met in full by drawing on accumulated surpluses from earlier years under Article 5, Paragraph 2 of the relevant special statute (CNA#1673409). [F-006]

Whether the two shortfalls are similar in size is not the point; the difference in how they are closed is the nailable fact: the first retains borrowing authority for later years, the second draws down accumulated surpluses from earlier years (both as worded in the source). (This juxtaposition is an editorial synthesis by 方實 based on the facts cited and is not a sentence from the source, which neither compares nor evaluates the two methods.) One further disclosure, made plainly: in the source text, the certified expenditure and the revenue-expenditure shortfall for the post-pandemic special account are both stated as NT$366.3 billion-plus. This card transcribes the source wording without adjusting or back-calculating, and this site has not checked the settlement document itself. (See Calibration.)

Core fact No. 4: FY2025 audit work — 43 irregularity cases, 99 personnel instances

Per the same report, audit work for FY2025 identified 43 cases of financial irregularity across central government agencies, state-owned enterprises and funds: 2 referred to the Control Yuan for handling under the law, 2 referred to judicial authorities for investigation with a report to the Control Yuan, and 39 notified to the relevant agencies for investigation and disciplinary action, with a total of 99 personnel instances subject to disciplinary action (CNA#1673409). [F-007] The breakdown of the 43 cases and the figure of 99 personnel instances are as reported for FY2025; the source names no case, agency or penalty, and this card adds and infers nothing.

Bracket 1 (borrowing cost): 20-year bond highest accepted yield of 2.2%, bid-to-cover 1.04

Per CNA's report of 2026-07-23 (reporter Pan Tzu-yu), at the central bank's auction on behalf of the Ministry of Finance of 20-year ROC year 115 Class A tranche 7 central government construction bonds, the highest accepted yield broke above 2% and rose to 2.2%, the highest since November 2014. The announced issue size was NT$20 billion and bids drew only NT$20.75 billion, a bid-to-cover ratio of 1.04. Banks took 57.75% of the allocation and securities firms 34.25%, both shares lower than at the previous auction of the same tenor, while bills-finance companies and insurers edged higher. The highest accepted yield was 0.621 percentage points above the 1.579% highest accepted yield at the February 2026 auction of the same tenor (the source describes this as a sharp rise) (CNA#1661321). [F-008]

The same report carries analysis from banking-sector executives attributing the rise in yields to higher market interest rates, tighter liquidity, inflation concerns driven by the conflict in the Middle East, and hawkish stances at major central banks (CNA#1661321). That attribution comes from the executives interviewed; it is not an official explanation and not a conclusion of this site. The report does not link this yield to the Audit Department's final-account figures — this card places the two side by side purely as independently measured facts and asserts no causal relationship. (See Calibration.)

Bracket 2 (revenue): January-June 2026 tax collection of NT$2.5876 trillion, up 81.5% year on year

Per CNA's report of 2026-07-13 (reporter Lu Yen-tzu), the Ministry of Finance reported national tax revenue of NT$1.1656 trillion in June 2026, up 1.9-fold from the same month a year earlier (as worded in the source; mainly reflecting deferred income tax payments in the prior year); securities transaction tax collection of NT$84.9 billion in June 2026, up 2.8-fold from the same month a year earlier and an eleventh consecutive month of year-on-year growth; and, comparing June 2026 with the same month a year earlier, the largest increases came from individual income tax at NT$346.8 billion, profit-seeking enterprise income tax at NT$340.4 billion and securities transaction tax at NT$62.4 billion; cumulative national tax revenue for January-June 2026 was NT$2.5876 trillion, up 81.5% from the same period of 2025 (CNA#1468712). [F-009]

The prior month on the same basis is also in the archive. Per CNA's report of 2026-06-11 (reporter Lu Yen-tzu), the Ministry of Finance reported national tax revenue of NT$577 billion in May 2026, up 84% from the same month a year earlier; securities transaction tax collection of NT$70.4 billion in May 2026, up 2.9-fold from the same month a year earlier and a tenth consecutive month of year-on-year growth; and cumulative collection for January-May 2026 of NT$1.422 trillion, up 39.2% from the same period of 2025 (CNA#921361). [F-010] Both are media relays of Ministry of Finance monthly statistics; May and June are separate statistical months, kept in separate sentences here and never merged into a trend statement or a cumulative estimate.

Storm Media reported on 2026-07-22 that securities transaction tax collection through end-June 2026 reached NT$333.6 billion, already exceeding the NT$292.8 billion collected in all of 2025 (against an original 2025 budget figure of NT$269.4 billion). Finance Minister Chuang Tsui-yun, answering questions at the Legislative Yuan's Finance Committee, projected that securities transaction tax for the whole of 2026 could exceed NT$600 billion (a projection, not an outturn). Kuomintang legislator Lo Ming-tsai said in questioning that total market capitalisation of Taiwan-listed stocks was under NT$20 trillion a decade ago and stands at about NT$160 trillion now, arguing that "another NT$10,000 cash handout per person would be fine." Chuang replied that national resilience as a whole, the actual needs of major infrastructure projects and the overall debt burden must take priority, and that a surge in a single tax line alone cannot determine an expansion of handouts; she also explained that after the revision of the Act Governing the Allocation of Government Revenues and Expenditures, business tax, which used to bring the central government more than NT$300 billion a year, has shrunk to only about NT$10 billion to NT$20 billion (STORM#1643518). [F-011] The market-capitalisation figures ("under NT$20 trillion" / "about NT$160 trillion") come from a legislator's remarks in questioning, are not official statistics, and the source gives neither a reference date nor whether over-the-counter listings are included; they must not be cited as market-capitalisation statistics. (See Calibration.)

There is also a nailable set of figures on the revenue-budgeting side. Per CNA's report of 2026-06-01 (reporter Chen Chun-hua), during the Finance Committee's review of the Ministry of Finance revenue section of the FY2026 (ROC year 115) central government budget bill, Democratic Progressive Party legislator Wu Ping-jui submitted a motion noting that the FY2026 budget had been compiled using a mid-point economic growth assumption of 2.8%, whereas by May 2026 institutions had raised their Taiwan growth estimates to a range of 5% to 8%; that actual economic growth for FY2025 was 8.68%, far above the 3.3% used in compiling the budget; and that revenue compilation assumed daily securities trading value of NT$428.8 billion, whereas the actual daily average in 2026 was NT$900 billion and rose above NT$1.3 trillion after May 2026. The original motion sought to add NT$570 billion to the NT$2.4807 trillion tax revenue line; after negotiation, the Ministry of Finance tax revenue lines were increased by a combined NT$600 billion. The same report records DPP legislator Kuo Kuo-wen arguing that raising budgeted revenue would avoid the pattern of over-collection followed by demands for cash handouts (CNA#595257). [F-012] All of those figures (including 8.68%, 2.8%, 3.3%, NT$428.8 billion, NT$900 billion and NT$1.3 trillion) are a media relay of the motion's contents and of committee proceedings; this site has not checked DGBAS or Ministry of Finance primary documents. (See Calibration.)

On the corporate tax base, CNA reported on 2026-06-17 (reporter Lu Yen-tzu) that for FY2025 profit-seeking enterprise income tax settlement filings, self-paid tax (excluding provisional payments) totalled NT$707.91 billion, up 21.33% from the prior fiscal year, and self-paid tax on undistributed earnings filings totalled NT$64.54 billion, up 49.71% from the prior fiscal year. By region, the Northern Area National Taxation Bureau led the five regions at NT$368.59 billion, up 28.76% from the prior fiscal year; Taipei was NT$220.93 billion, up 28.50%; Kaohsiung NT$36.83 billion, up 0.01%; the Central Area NT$58.51 billion, down 6.63%; and the Southern Area NT$23.04 billion, down 10.54%. The report further states, as an estimate derived by cross-checking corporate financial statements and other data, that TSMC remained the largest taxpayer with settlement self-paid tax of nearly NT$200 billion, up more than 50% from the prior fiscal year — the tax bureau stressed that taxpayer confidentiality rules prevent it from disclosing the identity of large taxpayers, so this is a media estimate, not an official disclosure (CNA#1060397). [F-013]

On the macro forecast side, CNA reported on 2026-05-29 (reporter Pan Tzu-yu) that the DGBAS forecast economic growth of 9.64% for 2026 (ROC year 115), an upward revision of 1.93 percentage points from its February forecast and the highest in the 16 years since 2011 (ROC year 100); that first-quarter 2026 economic growth of 14.55% was the highest for a single quarter in nearly 48 years; and that it estimated 2026 merchandise exports at US$894.5 billion with merchandise export growth of 39.77% year on year (CNA#575179). [F-014] The 9.64%, US$894.5 billion and 39.77% figures are forecasts, not outturns, made as of 2026-05-29; whether they were later revised has not been checked here. (See Calibration.)

Bracket 3 (competing uses): NT$210 billion draft special budget, NT$110 billion long-term care, NT$120 billion childcare

Per CNA's report of 2026-07-16 (reporters Lai Yu-chen and Yeh Su-ping), the Executive Yuan approved on 18 June 2026 a draft special statute for procuring indigenous defence unmanned vehicles, providing for a special budget capped at NT$210 billion, with procurement spread across years from August 2026 to the end of ROC year 120 (2031); the bill is in first-reading review at the Legislative Yuan. Opposition caucus versions of an unmanned-vehicle bill would fund the programme through the general budget rather than a special budget (CNA#1540157). [F-016] The NT$210 billion is a ceiling in a draft bill still in first-reading review — not an approved appropriation and not an executed amount.

Per CNA's report of 2026-07-14 (reporter Yeh Su-ping), President Lai Ching-te said the government would use increased tax revenue to support the public, that the government's long-term care budget had been raised to about NT$110 billion a year, and that the "raising children aged 0 to 6 as a nation" policy is budgeted at about NT$120 billion a year (CNA#1486795). [F-017] Both are budget magnitudes as stated in the president's remarks; the source gives no fiscal-year breakdown and no executed settlement figures.

Legislative progress is itself a nailable fact. Per CNA's report of 2026-07-18 (reporters Wang Cheng-chung and Lai Yu-chen), the FY2026 central government budget bill is under review at the Legislative Yuan with cross-party negotiations under way; the Kuomintang caucus said it was applying a standard of "strict review, cut the bad, keep the good," while DPP caucus secretary-general Fan Yun noted that the Executive Yuan submitted this year's budget bill to the legislature last year and that, with the year already into late July, more than half of this year's budget execution period has passed while review remains unfinished (CNA#1593993). [F-015]

International context: the BIS annual economic report

Per CNA's report of 2026-06-29 (compiled from foreign wire services, London), the Bank for International Settlements' annual economic report warned that the global economy is in an extremely complex and fragile state, pointing to public debt it described as record-high (the source gives neither a comparison base nor a figure) combined with sovereign bond markets increasingly dominated by large, highly leveraged hedge funds, which it said has produced a "new sovereign-financial stability nexus." The acting head of the BIS monetary and economic department said this may mean sovereign bond values face more frequent and sharper declines, and the BIS general manager said major economies must reduce debt levels (CNA#1252666). [F-018] Both officials are named in the Chinese source only in Chinese transliteration; because the Latin spellings cannot be recovered from the source text and this site has not verified them, they are cited here by role rather than by name. That report is a relay of a global-level institutional report; the source text does not mention Taiwan and carries no Taiwan figures. It is placed here only as contemporaneous international context and must not be read as a BIS assessment of Taiwan's public finances. (See Calibration.)

Editorial synthesis by 方實 (flagged: not a sentence from any source)

The following three points are editorial synthesis by 方實 based on the facts cited above and are not sentences from any source text. Each traces back to the F-Units flagged.

1. The same set of final-account figures is bracketed simultaneously by three sets of numbers from different sources, on different bases and at different reference dates — the settlement side is "25.24%, below the 40.6% ceiling" [F-002], the cost side is "a highest accepted yield of 2.2% at the 2026-07-23 auction of 20-year bonds, the highest since November 2014" [F-008], and the revenue side is "cumulative January-June 2026 tax collection of NT$2.5876 trillion, up 81.5% from the same period of 2025" [F-009]. The three are not causally linked here, and this card computes no cross-source difference.
2. "Surplus" and "shortfall" coexist inside the same audit report: the general final accounts show a revenue-expenditure surplus of NT$246.3 billion-plus [F-001], while the two special-account settlements show shortfalls of NT$66.5 billion-plus and NT$366.3 billion-plus, closed respectively by retaining borrowing authority and by drawing on accumulated surpluses from earlier years [F-005][F-006]. Those are the treatments stated separately in the source, not a net figure computed here.
3. Verifiable "settled" figures (certified final-account amounts [F-001][F-002]) and "not yet settled" figures (the FY2026 budget bill still under review [F-015], the NT$210 billion special budget still in first-reading review [F-016], full-year securities transaction tax of NT$600 billion as a ministerial projection [F-011], and 9.64% as a DGBAS forecast [F-014]) must be cited in separate layers — the status of each is flagged in the caveat line of its F-Unit.

Calibration (source limits and reference bases, stated once)

• Official anchors: official_count_verified = 0, official_count_raw = 0, official_attribution_unverified_count = 0. Every amount, ratio, case count and personnel count in this card is as reported by CNA or Storm Media on the date cited. The Audit Department, the Ministry of Finance, the DGBAS and the central bank are government bodies, but this site has not gone back to any primary official document (audit report, tax statistics, bond auction results), so nothing here is an officially verified endorsement.
• Denominator: the denominator of the 25.24% ratio is the average nominal GDP of the preceding three fiscal years, not current-year nominal GDP. The 40.6% is the ceiling ratio set in the Public Debt Act (as worded in the source) and is comparable to 25.24% only on the same denominator. Restating it as a conventional "debt-to-GDP ratio" is prohibited.
• Two debt measures: NT$6.071 trillion-plus = one-year-or-longer public debt outstanding (the figure the 25.24% ratio corresponds to); NT$6.141 trillion-plus = the combined figure including NT$70 billion of under-one-year public debt outstanding. The two must not be swapped.
• Reference bases: "down NT$37.9 billion-plus from FY2024" is a single-year change of FY2025 against FY2024; the source gives no longer annual series, so writing it as a trend is prohibited. Tax figures marked "up X% / X-fold" are always against the same month or the same cumulative period a year earlier. For the bond auction, "the highest since November 2014" and "0.621 percentage points above the February 2026 auction of the same tenor" are the comparison bases stated in the source.
• Year conversion: ROC year 114 = FY2025, ROC year 115 = FY2026, ROC year 113 = FY2024, ROC year 120 = 2031, ROC year 100 = 2011 (ROC year + 1911 = Gregorian year; a calendar conversion, not a new figure).
• Unit rendering: amounts are rendered from the Chinese numeral units used in the sources (億 = 10^8, 兆 = 10^12) into international units. This is a notation transposition only; no figure has been recomputed, and no percentage or total has been calculated by this site. "-plus" renders the Chinese 餘 ("and a remainder").
• Source wording transcribed as is: in the source, the certified expenditure and the revenue-expenditure shortfall for the post-pandemic special account are both stated as NT$366.3 billion-plus; this card transcribes without adjusting or back-calculating, and this site has not checked the settlement document. The "1.9-fold / 2.8-fold / 2.9-fold" formulations are the source's own multiple wording (CNA reports of June and July 2026) and are not rewritten into percentages.
• Layering of non-official and non-outturn figures: TSMC settlement self-paid tax of nearly NT$200 billion is a media estimate (the tax bureau cannot disclose large-taxpayer identities under confidentiality rules); full-year 2026 securities transaction tax above NT$600 billion is a projection given by the finance minister in questioning; 2026 growth of 9.64%, merchandise exports of US$894.5 billion and export growth of 39.77% are DGBAS forecasts as of 2026-05-29; market capitalisation "under NT$20 trillion / about NT$160 trillion" is a legislator's remark in questioning, not official statistics, with no reference date or OTC coverage stated; FY2025 growth of 8.68% and related figures are a media relay of a legislator's motion; NT$210 billion is a ceiling in a draft bill in first-reading review.
• No merging of sentences: the 12 sources in this card span final accounts, tax collection, bond auctions, budget review, policy budgets, macro forecasts and an international institutional report, all on different bases and reference dates. Each is kept in its own sentence with its own source and report date. This card computes no cross-source difference, ratio, total or causal link. Where a passage is this site's own synthesis, it is flagged in the "Editorial synthesis" section and at each relevant point.
• Personal names: Taiwanese officials, legislators and reporters are given in the romanisation conventionally used for each in Taiwanese public sources; this site has not verified each individual's preferred spelling. The two Bank for International Settlements officials are cited by role only, because the Chinese source gives their names solely in Chinese transliteration and the Latin spellings cannot be recovered from the source text — guessing a Latin spelling would be fabrication, so it is not done here.
• Checks not performed: this shift is draft-only; no acceptance run, no publication and no post-publication live verification were performed. No Wikidata Q identifiers are attached (no registry check was run; what is unverified is left out).

FAQ

Q: How much public debt did the Audit Department certify for FY2025, and what share of GDP is that?

Per CNA's report of 2026-07-24 (reporter Lai Yu-chen), certified FY2025 (ROC year 114) one-year-or-longer public debt outstanding was NT$6.071 trillion-plus, about 25.24% of the average nominal GDP of the preceding three fiscal years, below the 40.6% ceiling under the Public Debt Act. Adding NT$70 billion of under-one-year public debt outstanding, the combined figure was NT$6.141 trillion-plus, down NT$37.9 billion-plus from FY2024.

Key calibration: the denominator of the 25.24% ratio is the average nominal GDP of the preceding three fiscal years, not current-year GDP, so it cannot be treated as a conventional debt-to-GDP ratio; and in the source that ratio corresponds to the one-year-or-longer figure (NT$6.071 trillion-plus), not the combined figure (NT$6.141 trillion-plus). This site has not checked the audit report itself (CNA#1673409).

Q: What were FY2025 revenue, expenditure and surplus?

Per the same report: revenue was revised up by NT$1.9 billion-plus and certified at NT$3.1796 trillion-plus; expenditure was revised down on a net basis by NT$800 million-plus and certified at NT$2.9332 trillion-plus; the revenue-expenditure surplus was NT$246.3 billion-plus; debt repayment of NT$141.5 billion was certified as submitted; and the surplus on receipts and payments was NT$104.8 billion-plus. Total assets were NT$65.7266 trillion-plus, total liabilities NT$53.7954 trillion-plus and total net assets NT$11.9312 trillion-plus.

The revisions are measured against the pre-certification final-account figures, which the source does not state, so this card does not back them out (CNA#1673409).

Q: How were the two special-account shortfalls closed?

Per the same report: the fifth-phase Forward-looking Infrastructure Development Program settlement shortfall of NT$66.5 billion-plus is handled by retaining the borrowing authority in full, in line with overall treasury cash management, to meet needs in later years. The post-pandemic resilience and economic-gains-sharing special account settlement shortfall of NT$366.3 billion-plus is met in full by drawing on accumulated surpluses from earlier years under Article 5, Paragraph 2 of the relevant special statute.

The difference in method (retained borrowing authority versus drawdown of earlier-year surpluses) is as stated separately in the source. In the source, the certified expenditure and the shortfall for the post-pandemic account are both stated as NT$366.3 billion-plus; this card transcribes without adjustment (CNA#1673409).

Q: If there is headroom under the debt ceiling, does that mean borrowing is cheap?

That inference is not available here. The two are different sources on different bases. The ceiling ratio comes from the Audit Department's certified FY2025 figures (25.24%, below 40.6%; CNA#1673409). Borrowing cost comes from CNA's report of 2026-07-23: at the central bank's auction on behalf of the Ministry of Finance of 20-year ROC year 115 Class A tranche 7 central government construction bonds, the highest accepted yield broke above 2% and rose to 2.2%, the highest since November 2014; the announced issue size of NT$20 billion drew bids of only NT$20.75 billion, a bid-to-cover ratio of 1.04; and the yield was 0.621 percentage points above the 1.579% highest accepted yield at the February 2026 auction of the same tenor (CNA#1661321).

The attribution carried in that report — higher market rates, tighter liquidity, Middle East-driven inflation concerns and hawkish major central banks — comes from banking-sector executives interviewed, not from an official explanation. The report does not link that yield to the final-account figures, and neither does this card.

Q: With tax revenue up sharply, can Taiwan simply fund more handouts or more special budgets?

This card presents independently verifiable facts and does not draw that inference. Revenue side: national tax revenue in June 2026 was NT$1.1656 trillion, up 1.9-fold from the same month a year earlier, and cumulative January-June 2026 collection was NT$2.5876 trillion, up 81.5% from the same period of 2025 (CNA#1468712). Securities transaction tax collection through end-June 2026 of NT$333.6 billion already exceeded the NT$292.8 billion collected in all of 2025, and Finance Minister Chuang Tsui-yun projected in questioning that the full-year 2026 figure could exceed NT$600 billion (a projection, not an outturn) while replying that national resilience, the actual needs of major infrastructure projects and the overall debt burden must take priority and that a surge in a single tax line alone cannot determine an expansion of handouts (STORM#1643518). Competing-uses side: the draft unmanned-vehicle procurement special statute provides for a budget capped at NT$210 billion and is in first-reading review (CNA#1540157); the long-term care budget is about NT$110 billion a year and "raising children aged 0 to 6 as a nation" about NT$120 billion a year (CNA#1486795).

Those figures sit with different agencies, different reference dates and different stages of the statutory process, so each is kept in its own sentence and none is combined into an estimate (see Calibration).

F-Units

F-001: Audit Department certified the FY2025 central government final accounts — revenue certified at NT$3.1796 trillion-plus (revised up NT$1.9 billion-plus), expenditure certified at NT$2.9332 trillion-plus (revised down on a net basis NT$800 million-plus), revenue-expenditure surplus NT$246.3 billion-plus, debt repayment NT$141.5 billion certified as submitted, surplus on receipts and payments NT$104.8 billion-plus

As reported by CNA on 2026-07-24 (reporter Lai Yu-chen) on the Audit Department's FY2025 central government final accounts audit report. The revisions are measured against the pre-certification final-account figures, which the source does not state (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 (ROC year 114) central government final accounts; CNA report of 2026-07-24
• caveat: media relay of the audit report; this site has not checked the audit report itself and this is not an officially verified endorsement; the source states no pre-revision amounts and this card does not back them out (see Calibration)

F-002: Certified FY2025 one-year-or-longer public debt outstanding of NT$6.071 trillion-plus, about 25.24% of the average nominal GDP of the preceding three fiscal years, below the 40.6% ceiling under the Public Debt Act

As reported by CNA on 2026-07-24. The denominator of the 25.24% ratio is the average nominal GDP of the preceding three fiscal years, not current-year GDP (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 (ROC year 114) certified figure; ratio denominator = average nominal GDP of the preceding three fiscal years; CNA report of 2026-07-24
• caveat: denominator is a three-year average, so restatement as a conventional debt-to-GDP ratio is prohibited; 40.6% is the ceiling ratio set in the Public Debt Act (as worded in the source); this site has not checked the audit report itself (see Calibration)

F-003: Including NT$70 billion of under-one-year public debt outstanding, the combined figure was NT$6.141 trillion-plus, down NT$37.9 billion-plus from FY2024

As reported by CNA on 2026-07-24. This is a single-year change of FY2025 against FY2024 (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 combined figure, comparison base = FY2024 (ROC year 113); CNA report of 2026-07-24
• caveat: single-year change with no longer annual series in the source, so writing it as consecutive-year decline or a trend is prohibited; NT$6.141 trillion-plus (including under-one-year) and NT$6.071 trillion-plus (one year or longer) are two measures and must not be swapped (see Calibration)

F-004: FY2025 total assets NT$65.7266 trillion-plus, total liabilities NT$53.7954 trillion-plus, total net assets NT$11.9312 trillion-plus; the drivers the source gives for what it calls the increases in assets and liabilities, transcribed as reported with no reference year or amount stated in the source

As reported by CNA on 2026-07-24: what the source calls the increase in assets (no reference year stated) is attributed mainly to valuation adjustments on non-current financial assets at the National Development Fund and to increases in construction in progress at Taiwan Power Company and in property, plant and equipment at the transport operating fund; what it calls the increase in liabilities (no reference year stated) to a rise in banking-sector deposits at the central bank and to increases in customer time and savings deposits at Land Bank of Taiwan and Chunghwa Post (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 (ROC year 114) certified figures; CNA report of 2026-07-24
• caveat: the source gives no reference year or amount for the increases, so this card transcribes the stated drivers and adds no growth rate; this site has not checked the audit report itself (see Calibration)

F-005: Fifth-phase Forward-looking Infrastructure Development Program final settlement — revenue NT$86.11 million-plus certified as submitted, expenditure revised up NT$25.39 million-plus in realised amounts with payables carried forward struck out in full and certified at NT$66.6 billion-plus, and the revenue-expenditure shortfall of NT$66.5 billion-plus handled by retaining borrowing authority in full, in line with overall treasury cash management, to meet needs in later years

As reported by CNA on 2026-07-24 (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 fifth-phase Forward-looking Infrastructure Development Program special final settlement; CNA report of 2026-07-24
• caveat: the treatment of the shortfall is transcribed as worded in the source (retained borrowing authority); this site has not checked the settlement document (see Calibration)

F-006: Post-pandemic economic and social resilience and economic-gains-sharing special account final settlement — revenue NT$81.77 million-plus certified as submitted, expenditure revised down NT$2.6 billion-plus and certified at NT$366.3 billion-plus, and the revenue-expenditure shortfall of NT$366.3 billion-plus met in full by drawing on accumulated surpluses from earlier years under Article 5, Paragraph 2 of the relevant special statute

As reported by CNA on 2026-07-24. In the source, the certified expenditure and the shortfall are both stated as NT$366.3 billion-plus; this card transcribes without adjusting or back-calculating (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: FY2025 post-pandemic resilience and economic-gains-sharing special final settlement; CNA report of 2026-07-24
• caveat: certified expenditure and shortfall both stated as NT$366.3 billion-plus in the source and transcribed as is; the article reference (Article 5, Paragraph 2 of the special statute) is a factual restatement of the source, not legal advice; this site has not checked the settlement document (see Calibration)

F-007: FY2025 audit work identified 43 cases of financial irregularity across central government agencies, state-owned enterprises and funds — 2 referred to the Control Yuan, 2 referred to judicial authorities with a report to the Control Yuan, 39 notified to agencies for investigation and disciplinary action, and 99 personnel instances subject to disciplinary action

As reported by CNA on 2026-07-24 (CNA#1673409).

• source: CNA #1673409
• source_url: https://www.cna.com.tw/news/aipl/202607240146.aspx
• confidence: medium
• basis: news_aggregation
• period: irregularities identified in FY2025 audit work; CNA report of 2026-07-24
• caveat: the source names no case, agency or penalty, and this card adds and infers nothing; this site has not checked the audit report itself (see Calibration)

F-008: At the 2026-07-23 auction of 20-year ROC year 115 Class A tranche 7 central government construction bonds, the highest accepted yield rose to 2.2%, the highest since November 2014; announced issue size NT$20 billion, bids NT$20.75 billion, bid-to-cover 1.04; banks took 57.75% and securities firms 34.25% (both shares lower than at the previous auction of the same tenor); the yield was 0.621 percentage points above the 1.579% highest accepted yield at the February 2026 auction of the same tenor

As reported by CNA on 2026-07-23 (reporter Pan Tzu-yu); the same report carries banking-sector executives attributing the rise to higher market rates, tighter liquidity, Middle East-driven inflation concerns and hawkish major central banks (CNA#1661321).

• source: CNA #1661321
• confidence: medium
• basis: news_aggregation
• period: auction of 2026-07-23; comparison bases = since November 2014, the previous auction of the same tenor, and the February 2026 auction of the same tenor; CNA report of 2026-07-23
• caveat: the attribution comes from banking-sector executives interviewed, not from an official explanation and not from this site; the report does not link this yield to the Audit Department's figures and this card asserts no causal relationship; this site has not checked the central bank's auction results (see Calibration)

F-009: Ministry of Finance reported June 2026 national tax revenue of NT$1.1656 trillion, up 1.9-fold from the same month a year earlier (mainly reflecting deferred income tax payments in the prior year); securities transaction tax of NT$84.9 billion in June 2026, up 2.8-fold from the same month a year earlier and an eleventh consecutive month of year-on-year growth; comparing June 2026 with the same month a year earlier, the largest increases were individual income tax NT$346.8 billion, profit-seeking enterprise income tax NT$340.4 billion and securities transaction tax NT$62.4 billion; cumulative January-June 2026 collection NT$2.5876 trillion, up 81.5% from the same period of 2025

As reported by CNA on 2026-07-13 (reporter Lu Yen-tzu) (CNA#1468712).

• source: CNA #1468712
• confidence: medium
• basis: news_aggregation
• period: June 2026 single month and January-June 2026 cumulative; comparison base = same month / same period a year earlier; CNA report of 2026-07-13
• caveat: media relay of Ministry of Finance statistics; this site has not checked the tax statistics themselves; "1.9-fold / 2.8-fold" is the source's own multiple wording and is not rewritten into percentages (see Calibration)

F-010: Ministry of Finance reported May 2026 national tax revenue of NT$577 billion, up 84% from the same month a year earlier; securities transaction tax of NT$70.4 billion in May 2026, up 2.9-fold from the same month a year earlier and a tenth consecutive month of year-on-year growth; cumulative January-May 2026 collection NT$1.422 trillion, up 39.2% from the same period of 2025

As reported by CNA on 2026-06-11 (reporter Lu Yen-tzu) (CNA#921361). A separate statistical month from the June 2026 figures (F-009); this card does not merge them or extrapolate a trend.

• source: CNA #921361
• confidence: medium
• basis: news_aggregation
• period: May 2026 single month and January-May 2026 cumulative; comparison base = same month / same period a year earlier; CNA report of 2026-06-11
• caveat: media relay of Ministry of Finance statistics; this site has not checked the tax statistics themselves; a different month from the June figures and must not be merged into a trend statement (see Calibration)

F-011: Securities transaction tax collection through end-June 2026 of NT$333.6 billion exceeded the NT$292.8 billion collected in all of 2025 (2025 original budget figure NT$269.4 billion); Finance Minister Chuang Tsui-yun projected in questioning that full-year 2026 securities transaction tax could exceed NT$600 billion; legislator Lo Ming-tsai said listed-market capitalisation was under NT$20 trillion a decade ago and is about NT$160 trillion now while arguing for another NT$10,000 per-person cash handout; Chuang replied that national resilience, actual major-infrastructure needs and the overall debt burden take priority, and explained that after the revision of the Act Governing the Allocation of Government Revenues and Expenditures, business tax revenue to the central government shrank from more than NT$300 billion a year to about NT$10 billion to NT$20 billion

As reported by Storm Media on 2026-07-22 (STORM#1643518).

• source: STORM #1643518
• confidence: medium
• basis: news_aggregation
• period: cumulative through end-June 2026; comparison base = full-year 2025; questioning session dated per the Storm Media report of 2026-07-22
• caveat: NT$600 billion is a ministerial projection, not an outturn; the market-capitalisation figures are a legislator's remarks in questioning, not official statistics, with no reference date or OTC coverage stated; the business tax figures are as explained by the minister in questioning (see Calibration)

F-012: Legislative Yuan Finance Committee review of the FY2026 central government budget bill (Ministry of Finance revenue) — legislator Wu Ping-jui's motion noted the FY2026 budget was compiled on a mid-point growth assumption of 2.8% while by May 2026 institutions had raised Taiwan growth estimates to 5%-8%; that actual FY2025 economic growth of 8.68% far exceeded the 3.3% used in compilation; and that revenue compilation assumed daily securities trading value of NT$428.8 billion while the actual 2026 daily average was NT$900 billion, rising above NT$1.3 trillion after May 2026; the original motion sought to add NT$570 billion to the NT$2.4807 trillion tax revenue line, and after negotiation Ministry of Finance tax revenue lines were increased by a combined NT$600 billion

As reported by CNA on 2026-06-01 (reporter Chen Chun-hua); the same report records legislator Kuo Kuo-wen arguing that raising budgeted revenue avoids over-collection followed by demands for cash handouts (CNA#595257).

• source: CNA #595257
• confidence: medium
• basis: news_aggregation
• period: FY2026 (ROC year 115) budget bill review; the motion's figures carry the reference dates stated in the source (as of May 2026, FY2025 outturn, 2026 daily average); CNA report of 2026-06-01
• caveat: all figures are a media relay of a legislator's motion and committee proceedings, not official statistics verified by this site; DGBAS and Ministry of Finance primary documents have not been checked (see Calibration)

F-013: FY2025 profit-seeking enterprise income tax settlement filings — self-paid tax (excluding provisional payments) NT$707.91 billion, up 21.33% from the prior fiscal year; undistributed earnings filings self-paid tax NT$64.54 billion, up 49.71% from the prior fiscal year; Northern Area NT$368.59 billion led the five regions (up 28.76% from the prior fiscal year), Taipei NT$220.93 billion (up 28.50%), Kaohsiung NT$36.83 billion (up 0.01%), Central Area NT$58.51 billion (down 6.63%), Southern Area NT$23.04 billion (down 10.54%); the report estimated that TSMC remained the largest taxpayer with settlement self-paid tax of nearly NT$200 billion, up more than 50% from the prior fiscal year

As reported by CNA on 2026-06-17 (reporter Lu Yen-tzu); the same report states that the tax bureau cannot disclose large-taxpayer identities under confidentiality rules and that the TSMC figures are an estimate derived by cross-checking corporate financial statements and other data (CNA#1060397).

• source: CNA #1060397
• confidence: medium
• basis: news_aggregation
• period: FY2025 (ROC year 114) profit-seeking enterprise income tax settlement filings; comparison base = prior fiscal year; CNA report of 2026-06-17
• caveat: the TSMC figures are a media estimate, not an official disclosure (taxpayer confidentiality); regional figures are by national taxation bureau region, not by company; this site has not checked Ministry of Finance primary documents (see Calibration)

F-014: DGBAS forecast 2026 (ROC year 115) economic growth of 9.64%, an upward revision of 1.93 percentage points from its February forecast and the highest in the 16 years since 2011 (ROC year 100); first-quarter 2026 economic growth of 14.55% was the highest for a single quarter in nearly 48 years; 2026 merchandise exports estimated at US$894.5 billion with merchandise export growth of 39.77% year on year

As reported by CNA on 2026-05-29 (reporter Pan Tzu-yu) (CNA#575179).

• source: CNA #575179
• confidence: medium
• basis: news_aggregation
• period: forecast as of 2026-05-29 (covering full-year 2026 and the first quarter of 2026); comparison bases = February 2026 forecast, since 2011, nearly 48 years
• caveat: 9.64%, US$894.5 billion and 39.77% are forecasts, not outturns; later revisions have not been checked here; this site has not checked DGBAS primary documents (see Calibration)

F-015: The FY2026 central government budget bill is under review at the Legislative Yuan with cross-party negotiations under way; the Kuomintang caucus described its standard as "strict review, cut the bad, keep the good," while DPP caucus secretary-general Fan Yun noted the Executive Yuan submitted this year's budget bill last year and that, in late July, more than half of this year's budget execution period has passed with review unfinished

As reported by CNA on 2026-07-18 (reporters Wang Cheng-chung and Lai Yu-chen) (CNA#1593993).

• source: CNA #1593993
• confidence: medium
• basis: news_aggregation
• period: FY2026 (ROC year 115) budget bill review status as of the CNA report of 2026-07-18
• caveat: review status and caucus positions as of the report date; later developments have not been checked here (see Calibration)

F-016: The Executive Yuan approved on 2026-06-18 a draft special statute for procuring indigenous defence unmanned vehicles, providing for a special budget capped at NT$210 billion with procurement spread across years from August 2026 to the end of ROC year 120 (2031); the bill is in first-reading review at the Legislative Yuan; opposition caucus versions would use the general budget rather than a special budget

As reported by CNA on 2026-07-16 (reporters Lai Yu-chen and Yeh Su-ping) (CNA#1540157).

• source: CNA #1540157
• confidence: medium
• basis: news_aggregation
• period: Executive Yuan approval 2026-06-18; procurement period August 2026 to end-2031 (as stated in the source); review status as of the CNA report of 2026-07-16
• caveat: NT$210 billion is a ceiling in a draft bill in first-reading review, not an approved appropriation and not an executed amount (see Calibration)

F-017: President Lai Ching-te said the government would use increased tax revenue to support the public, that the long-term care budget had been raised to about NT$110 billion a year, and that the "raising children aged 0 to 6 as a nation" policy is budgeted at about NT$120 billion a year

As reported by CNA on 2026-07-14 (reporter Yeh Su-ping) (CNA#1486795).

• source: CNA #1486795
• confidence: medium
• basis: news_aggregation
• period: presidential remarks dated per the CNA report of 2026-07-14; amounts stated as "about, per year"
• caveat: budget magnitudes as stated in presidential remarks; the source gives no fiscal-year breakdown and no executed settlement figures; this site has not checked budget documents (see Calibration)

F-018: The Bank for International Settlements' annual economic report warned the global economy is in an extremely complex and fragile state, pointing to public debt described as record-high (no comparison base or figure given in the source) combined with sovereign bond markets increasingly dominated by large, highly leveraged hedge funds producing a "new sovereign-financial stability nexus"; the acting head of the monetary and economic department said this may mean sovereign bond values face more frequent and sharper declines, and the general manager said major economies must reduce debt levels

As reported by CNA on 2026-06-29 (compiled from foreign wire services, London) (CNA#1252666). The two officials are cited by role: the Chinese source gives their names only in Chinese transliteration and the Latin spellings have not been verified by this site.

• source: CNA #1252666
• confidence: medium
• basis: news_aggregation
• period: BIS annual economic report; CNA report of 2026-06-29
• caveat: a relay of a global-level institutional report; the source does not mention Taiwan and carries no Taiwan figures, so it must not be read as a BIS assessment of Taiwan's public finances; the two BIS officials are cited by role because the source gives only Chinese transliterations of their names and the Latin spellings are unverified; this site has not checked the BIS report itself (see Calibration)

J-Units

J-001: Zero-verified-official-anchor calibration — all 12 sources in this card are CNA or Storm Media reports, and official_count_verified = 0, official_count_raw = 0, official_attribution_unverified_count = 0. The Audit Department, the Ministry of Finance, the DGBAS and the central bank are government bodies, but this site has not gone back to any primary official document (the FY2025 final accounts audit report, Ministry of Finance tax statistics, or central bank bond auction results), so every amount, ratio, case count and personnel count is "as reported". Any citation must carry this calibration and must not describe the figures as officially verified

• confidence: high
• basis: news_aggregation

J-002: Denominator and measure calibration — the denominator of the 25.24% ratio is the average nominal GDP of the preceding three fiscal years, not current-year nominal GDP; 40.6% is the ceiling ratio set in the Public Debt Act (as worded in the source) and is comparable only on the same denominator, so restatement as a conventional debt-to-GDP ratio is prohibited; NT$6.071 trillion-plus (one-year-or-longer outstanding, the figure the 25.24% corresponds to) and NT$6.141 trillion-plus (combined, including under-one-year) are two measures and must not be swapped; "down NT$37.9 billion-plus from FY2024" is a single-year change and must not be written as a trend

• confidence: high
• basis: news_aggregation

J-003: Layering of non-outturn figures — TSMC settlement self-paid tax of nearly NT$200 billion is a media estimate (large-taxpayer identities cannot be disclosed under confidentiality rules); full-year 2026 securities transaction tax above NT$600 billion is a ministerial projection given in questioning; 2026 growth of 9.64%, merchandise exports of US$894.5 billion and export growth of 39.77% are DGBAS forecasts as of 2026-05-29; market capitalisation "under NT$20 trillion / about NT$160 trillion" is a legislator's remark in questioning, not official statistics, with no reference date or OTC coverage stated; FY2025 growth of 8.68% and related figures are a media relay of a legislator's motion; NT$210 billion is a ceiling in a draft bill in first-reading review — none of these may be cited in the same layer as the certified final-account figures

• confidence: high
• basis: news_aggregation

P-Units

P-001: The outcome of Legislative Yuan review of the FY2026 (ROC year 115) central government budget bill, and the legislative progress of the draft indigenous defence unmanned vehicle procurement special statute (NT$210 billion ceiling) — coverage stops at the report dates cited; later developments have not been checked by this site (open)

P-002: The trajectory of highest accepted yields and bid-to-cover ratios at bond auctions in the second half of 2026, and whether the finance minister's projection of full-year 2026 securities transaction tax above NT$600 billion is realised — verifiable after the respective official releases (open)

P-003: Primary-document verification — obtaining and line-by-line checking the FY2025 central government final accounts audit report (Audit Department), Ministry of Finance tax statistics and central bank bond auction results has not been performed by this site; until it is, the official anchor count for this card stays at 0 (open)

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

• 繁體中文
• 日本語
• English

Internal citation chain

This card links to three published cards on this site:

• CORROBORATE → ANK-2026-07-14-002, "Taiwan's June 2026 securities transaction tax net collection hit a record NT$84.9 billion, crossing the NT$80 billion mark for the first time" (published): that card records the single-month securities transaction tax figure of NT$84.9 billion for June 2026. The CNA report of 2026-07-13 cited here (CNA#1468712) likewise states securities transaction tax collection of NT$84.9 billion in June 2026 — the two amounts match. Honest limit: the earlier card's wording is "net collection" while CNA#1468712 says "collection"; this card transcribes each wording as it stands, does not merge them into a single measure, and computes no difference between them. Link: en
• CONNECT → ANK-2026-07-03-011, "Taiwan's 'Tax-Arrears Who's-Who' and the Three-Layer Tax-Collection Structure: 826 Major Delinquency Cases Totaling About NT$78.083 Billion Announced in 2026" (published): that card records the side of tax that was not collected (published major delinquency case counts and amounts), while F-009, F-010 and F-013 here record the side that was collected (monthly tax collection and FY2025 profit-seeking enterprise income tax settlement self-payments). The figures belong to different statistics at different reference dates; this card does not merge them, computes no net figure, and keeps the link at the level of a factual connection within the same tax-policy theme. Link: en
• CONTEXTUALIZE → ANK-2026-07-18-004, "Taiwan Stocks Fell 1,426.01 Points Week-on-Week; Total Listed Market Cap Down NT$4.6225 Trillion vs Prior Week (as of the July 9, 2026 close)" (published): that card records total listed market capitalisation of NT$148.038768 trillion as of the 2026-07-09 close (CNA report of 2026-07-13 relaying stock exchange statistics). F-011 here records legislator Lo Ming-tsai's statement in questioning that market capitalisation is "about NT$160 trillion now." The two differ in source, reference date and measure (one is exchange-compiled total listed market capitalisation, the other a legislator's remark with no reference date or OTC coverage stated), so they are placed side by side only to alert users to the difference in measure; no comparison and no difference is computed (this alert is an editorial synthesis by 方實 based on the facts cited, not a sentence from any source). Link: en

Sources

1. [CNA #1673409] (main anchor) CNA, "Audit Department: FY2025 public debt outstanding of NT$6.071 trillion, below the statutory debt ceiling" (Chinese original title: 「審計部：114年公債未償餘額6兆710億 低於法定債限」) (reporter Lai Yu-chen, 2026-07-24). https://www.cna.com.tw/news/aipl/202607240146.aspx
2. [CNA #1661321] CNA (reporter Pan Tzu-yu, 2026-07-23): central bank auctions 20-year ROC year 115 Class A tranche 7 central government construction bonds on behalf of the Ministry of Finance; highest accepted yield of 2.2% is the highest since November 2014.
3. [CNA #1468712] CNA (reporter Lu Yen-tzu, 2026-07-13): Ministry of Finance reports June 2026 national tax revenue of NT$1.1656 trillion and cumulative January-June 2026 collection of NT$2.5876 trillion.
4. [STORM #1643518] Storm Media (2026-07-22): securities transaction tax collection through end-June 2026 of NT$333.6 billion exceeds full-year 2025; Finance Minister Chuang Tsui-yun's answers in questioning and legislator Lo Ming-tsai's cash-handout argument.
5. [CNA #595257] CNA (reporter Chen Chun-hua, 2026-06-01): Legislative Yuan Finance Committee review of the FY2026 budget bill (Ministry of Finance revenue); tax revenue lines increased by a combined NT$600 billion.
6. [CNA #1060397] CNA (reporter Lu Yen-tzu, 2026-06-17): FY2025 profit-seeking enterprise income tax settlement self-paid tax of NT$707.91 billion, up 21.33% from the prior fiscal year.
7. [CNA #575179] CNA (reporter Pan Tzu-yu, 2026-05-29): DGBAS forecasts 2026 economic growth of 9.64% (a forecast, not an outturn).
8. [CNA #921361] CNA (reporter Lu Yen-tzu, 2026-06-11): Ministry of Finance reports May 2026 national tax revenue of NT$577 billion and cumulative January-May 2026 collection of NT$1.422 trillion.
9. [CNA #1593993] CNA (reporters Wang Cheng-chung and Lai Yu-chen, 2026-07-18): Legislative Yuan review of and cross-party negotiations on the FY2026 central government budget bill.
10. [CNA #1540157] CNA (reporters Lai Yu-chen and Yeh Su-ping, 2026-07-16): draft indigenous defence unmanned vehicle procurement special statute with a special budget capped at NT$210 billion.
11. [CNA #1486795] CNA (reporter Yeh Su-ping, 2026-07-14): President Lai Ching-te on the use of tax revenue; long-term care about NT$110 billion a year and childcare for ages 0-6 about NT$120 billion a year.
12. [CNA #1252666] CNA (compiled from foreign wire services, London, 2026-06-29): the Bank for International Settlements' annual economic report warns of public debt it describes as record-high.
13. Internal citations (published ANK cards): ANK-2026-07-14-002 (CORROBORATE); ANK-2026-07-03-011 (CONNECT); ANK-2026-07-18-004 (CONTEXTUALIZE).

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