The nation’s tax revenue last month jumped 22 percent year-on-year to NT$692.3 billion (US$23.08 billion), due to substantial gains in revenue generated from corporate and personal income taxes which more than offset retreats in revenue received from commodity tax, as well as stock and property transaction taxes, the Ministry of Finance said yesterday.
Corporate income tax revenue spiked 36.6 percent annually to NT$315 billion, as major Taiwanese companies reported an increase in earnings, the ministry said.
Similarly, personal income tax revenue soared 37.6 percent to NT$214.7 billion, thanks to wage increases, the distribution of cash dividends by local listed firms and capital
The nation’s tax revenue last month reached NT$491.4 billion (US$16.44 billion), spiking 43.2 percent from a year earlier on the back of hefty corporate and personal income tax gains, the Ministry of Finance said yesterday.
Corporate income tax revenue surged 77.7 percent year-on-year to NT$361.5 billion, as major Taiwanese companies posted record-high earnings last year and filed income taxes last month after policymakers granted a one-month moratorium to accommodate potential delays caused by a local COVID-19 outbreak, the ministry said.
Corporate income tax revenue in the first six months of this year climbed to a record NT$1.4 trillion, the ministry said.
Personal income
The national coffers last month swelled by NT$293.9 billion (US$9.93 billion) in tax revenue, up a fractional 0.2 percent from a year earlier, but slowing from April due to of a plunge in securities transactions and tariffs waived on import items, the Ministry of Finance said yesterday.
The tax revenue data came after business and property taxes climbed to record highs, but stock trading taxes slumped 51.2 percent to NT$14.4 billion, the biggest fall since March 2013, as wild TAIEX swings drove investors to the sidelines, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Headwinds are likely to persist as global
The government last month collected NT$76.8 billion (US$2.71 billion) in tax revenue, down 2.7 percent from February last year, the Ministry of Finance said yesterday, attributing the retreat to lower revenue from securities transaction and sales taxes.
Securities transaction tax revenue was NT$11 billion, down 13.9 percent year-on-year, as daily turnover shrank 9 percent to NT$362.9 billion, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Russia’s invasion of Ukraine and expectations of the US Federal Reserve increasing interest rates drove investors to the sidelines, Chen said.
Foreign portfolio managers have cut holdings in local shares, as they are concerned about fuel and
The central government last month received NT$203.2 billion (US$7.29 billion) in tax revenue, an 8.4 percent rise from a year earlier to a historical high, as a healthy economy boosted personal and corporate incomes, the Ministry of Finance said yesterday.
The high draw came despite securities transaction tax revenue registering a 17.8 percent retreat year-on-year, ending 27 straight months of gains, as the specter of interest rate hikes and geopolitical tensions abroad drove investors to cut equity positions, factors that persist this month, the ministry said.
The timing of the Lunar New Year holiday had much to do with the advance in