Taiwan's Tax Revenues Hit Record High of NT$1.088 Trillion in H1, 2014
2014/07/28 | By Judy LiTaiwan's tax revenues reached NT$1.0878 trillion (US$36.26 billion) in the first half (H1) of the year, up 5.5% year on year to be the highest of its kind on record, according to the statistics released by the Ministry of Finance (MOF).
Business tax revenues increased 5.8% or NT$8.2 billion (US$273.33 million) from a year earlier to a record high of NT$149 billion (US$4.97 billion), with business income tax revenue up 12.6% to 241.9 billion (US$8.06 billion) for a new high since 2009.
Such soaring tax revenues are attributable to encouraging performance of the 1,500-plus listed companies that generated combined pretax profits of NT$1.9 trillion (US$63.33 billion) for a sharp annual growth of 40%, hence tax revenues totaling NT$190.3 billion (US$6.34 billion) this year.
Other tax revenues also hit new highs in H1, including license, housing, donation, and luxury taxes, making the MOF confident that 2014 tax revenues will attain the goal of NT$1.8663 trillion (US$62.21 billion).
Starting this year the MOF has collected securities trading tax, which in H1 totaled revenue of NT$2.4 billion (US$80 million), with securities trading tax revenues of NT$44.6 billion (US$1.49 billion) for a sizable year-on-year rise of 30%.
In June, total tax revenues came to NT$379.4 billion (US$12.65 billion) for a sharp YoY growth of 16.9% or NT$54.9 billion (US$1.33 billion), with business income tax revenues up NT$50.3 billion (US$1.68 billion), housing tax revenues up NT$3.2 billion (US$106.67 million) and security trading tax revenues up NT$2.8 billion (US$93.33 million).
However, land value increment tax revenues in June declined 2.5% or NT$200 million (US$6.67 million) from a year earlier to NT$8.6 billion (US$286.67 million), the first 18-month drop. During the month the number of land value increment tax cases fell 1.6% or 965 to 61,175. Nevertheless, the number of such cases grew to 374,935 in H1, up 1% YoY with tax revenues rising NT$4 billion (US$133.33 million) to NT$54.4 billion (US$1.81 billion). (JL)
| Summary of Taiwan's Tax Revenues in H1, 2014 | ||
| Item
| Revenues (NT$B)
| Annual growth (%)
|
| Business income tax
| 241.9
| 12.6
|
| Consolidated income tax
| 264.6
| -3.1
|
| Securities trading income tax
| 2.4
| --
|
| Business tax
| 149
| 5.8
|
| Land value increment tax
| 54.4
| 8.0
|
| Securities trading tax
| 44.6
| 34.3
|
| Housing tax
| 62.3
| 2.2
|
| License tax
| 56.2
| 2.7
|
| Donation tax
| 5.8
| 25.0
|
| Luxury tax
| 2.274
| 4.5
|
| Total
| 1,087.8
| 5.5
|