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Taiwan's Tax Revenues Hit Record High of NT$1.85 Trillion in First 11 Months

2014/12/16 | By Judy Li

Taiwan collected tax revenues of NT$187 billion (US$6.23 billion) in November, up by NT$16.8 billion (US$560 million) for an annual growth of 9.9%; this brought tax revenues for the first 11 months of the year to NT$1.8545 trillion (US$61.82 billion), also up 9.9% year-on-year and a record high, according to the statistics released by the Ministry of Finance (MOF).

A senior MOF official notes that the tax goal for the year as a whole is NT$1.8673 trillion (US$62.24 billion)--an amount which was exceeded by NT$101 billion (US$3.37 billion) in the January-November period alone. If the tax revenues in December remain at the same level as last year, then whole-year revenues will reach NT$1.975 trillion (US$65.83 billion); this would be a seven-year high, and would surpass the annual goal by NT$107.7 billion (US$3.59 billion).

In November alone business tax revenues increased by NT$12.2 billion (US$406.67 million) and consolidated income tax revenues rose by NT$5.3 billion (US$176.67 million), while land-value tax and land-value increment tax revenues together declined by NT$3.4 billion (US$113.33 million).

During that month land-value increment tax revenues tumbled by 19.4% YoY to NT$6.8 billion (US$226.67 million), down for the sixth month in a row.

Tax revenues for 2015 are expected to be even higher than this year's, largely because of the 3.5% economic growth that is being predicted by the Cabinet-level Directorate General of Budget, Accounting & Statistics. (JL)