Digital invoice prize redemption saves NT$140 million: MOF

Taipei-Finance Minister Su Jain-rong (???) said Wednesday that digital prize redemptions for the uniform invoice lottery have saved the Ministry of Finance (MOF) NT$140 million (US$4.6 million) in service charges this year.

Su said that many of the redemptions were made using an app the government launched in January, which allows users to store and check receipts, as well as have prize money transferred directly into their bank accounts.

In a report to the Executive Yuan, Su said that during the September-October prize period, the government promoted the service by funding an additional NT$400,000 in prizes of NT$500 each, which were available only to digital receipt users.

According to Su, the ministry has pursued a diversified policy to increase the convenience of the prize redemption process.

Brick and mortar redemption locations, previously limited to approximately 1,300 post offices, were expanded this year to include more than 13,000 locations at a range of participating banks and convenience stores, Su said.

Meanwhile, the number of digital receipts issued this year has grown 34 percent against the same period in 2018, to a total of 1.23 billion, Su said.

The ministry also announced Wednesday that it will raise the tax-free threshold for invoice lottery winnings from NT$2,000 to NT$5,000 on Dec. 1, benefiting around 17,000 prize winners per year.

Source: Focus Taiwan News Channel