Taiwan's Tax Revenues Hit Record High of NT$1.19 Trillion in First 7 Months
2014/08/22 | By Judy LiTaiwan's tax revenues in the first seven months totaled NT$1.19 trillion (US$39.67 billion), the highest of its kind for the same period, with 2014 revenues expected to exceed the goal by NT$30.3 billion (US$1.01 billion) as long as tax collections improve further in the remaining five months, according to the Ministry of Finance (MOF).
Last year total tax revenues came to NT$1.83 trillion (US$61 billion), with MOF targeting NT$1.87 trillion (US$62.33 billion) in 2014, a realistic goal as long as the business climate keeps warming in the rest of the year.
In Jan.-July, business, housing, luxury, inheritance & donation, and licensing taxes all saw record highs in revenues with annual growths ranging 2%-plus to nearly 9%.
In July alone, the securities trading tax revenues jumped 34.7% from a year earlier to NT$9.6 billion (US$320 million), and in the first seven months the revenues surged 34.3% to hit a three-year high of NT$54.1 billion (US$1.8 billion).
In the same month business tax revenues totaled NT$58.9 billion (US$1.96 billion), up 7.2% year-on-year, with first-seven-month revenues reaching NT$207.8 billion (US$6.93 billion) for a 6.2% YoY rise to suggest a robust domestic market.
Due to the first-stage tax refunds to taxpayers in July, the consolidated income tax revenues dropped NT$19.6 billion (US$653.33 million) in the month. The land value increment tax revenues dropped 18.2% to NT$8.2 billion (US$273.33 million) in the same month due to a fall of 16.9% in collection. (JL)
| Tax Items with Record High Revenues in First 7 Months | |||
| Item
| Revenues (NT$B)
| Annual rise (NT$B)
| Annual rise (%)
|
| Business tax
| 207.8
| 12.2
| 6.2
|
| Housing tax
| 63.1
| 1.6
| 2.6
|
| Luxury tax
| 2.7
| 0.1
| 2.1
|
| Inheritance & donation tax
| 14.2
| 1.1
| 8.7
|
| Licensing tax
| 57.0
| 1.6
| 3.0
|
| Total
| 1,191.9
| 62.7
| 5.6
|