Taiwan's Tax Revenues Hit 14-Year High of 334.1B. in Q1, 2014
2014/04/29 | By Judy LiTaiwan's tax revenues increased 7.3% or NT$22.7 billion (US$756.67 million) from a year earlier to reach NT$334.1 billion (US$11.14 billion) in the first quarter of the year, a 14-year high, according to the statistics released by the Ministry of Finance (MOF).
Business tax revenues rose NT$4.4 billion (US$146.67 million) to a record high of NT$97.6 billion (US$3.25 billion), likely due partly to rising imports and active Chinese New Year shopping. Likewise, consolidated income tax revenues rose NT$5.5 billion (US$183.33 million) to NT$73.9 billion (US$2.46 billion), the highest of its kind since 2001; and securities trading tax revenues jumped 31.3% or NT$4.9 billion (US$163.33 million) to NT$20.7 billion (US$690 million).
J.L. Hsu, deputy director at the Department of Statistics under MOF, indicates that the total tax revenues in March alone came to NT$139.4 billion (US$4.65 billion) for an annual growth of over 10%, which helped boost the revenues in the first quarter to a new high.
Last year tax revenues amounted to NT$1.834 trillion (US$61.13 billion) and this year the full-year goal is set at NT$1.8658 trillion (US$62.19 billion) for a 1.7% or NT$31.7 billion (US$1.06 billion) increase from last year's.
It's noticeable that last year the pretax profits of Taiwan's listed companies in both stock and over-the-counter markets came to NT$1.88 trillion (US$62.67 billion), surging 46.9% or NT$602 billion (US$20.07 billion) year on year, which may indicate the performance of the companies this year. (JL)
Breakdown of Taiwan's Tax Revenues in Q1 | ||
Tax item
| Tax revenues (NT$B)
| Annual growth (%)
|
Consolidated income tax
| 73.9
| 8.0
|
Business income tax
| 5.8
| 44.0
|
Business tax
| 97.6
| 4.7
|
Customs income tax
| 23.6
| 8.7
|
Securities trading tax
| 20.7
| 31.3
|
Tax Revenues in Q1, 2010-2014 | |
Year
| Tax revenues (NT$B)
|
2010
| 24.6
|
2011
| 25.8
|
2012
| 22.0
|
2013
| 15.8
|
2014
| 20.7
|