Minister of Finance Sush-der Li of Taiwan

During yesterday’s meeting, Li said the tax committee has in essence reached a consensus on scraping the tax incentive and is expected to pass the proposal in September.

We are not ruling out (the use of) any policy instruments, Li said when asked if the government would consider using the State Stabilization Fund to intervene in the stock market.

Li said that although the measure would reduce government revenue by NT$9 billion, it would provide support for the automobile industry and the country's economy.

Li said it was too early to talk about the timing or the size of any such tax cut.

Separately, Li said Taiwan had a smaller trade deficit in August than a month earlier.