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Taiwan Collects Record High of NT$1.7136 Trillion in Taxes in First 11 Months

2013/12/13 | By Judy Li

Driven by surging property tax revenues, Taiwan collected taxes in November  2013 totaling NT$170.2 billion (US$5.67 billion) for an annual growth of 4.6% or NT$7.5 billion (US$250 million) and in the first 11 months some  NT$1.7136 trillion (US$57.12 billion), the highest of its kind and up NT$21.1 billion (US$703.33 million) or 1.2% year-on-year, according to the statistics released by the Ministry of Finance (MOF).

In November land value tax, consolidated income tax and land value increment tax collected rose an annual  NT$3.1 billion (US$103.33 million), NT$2 billion (US$66.67 million) and NT$1.2 billion (US$40 million), respectively.

In the first 11 months land value increment tax collected surged  NT$20.6 billion (US$686.67 million) or 28.4%, the highest growth among all taxes. In the same period the business tax revenues rose 5.7% to NT$297.7 billion (US$9.92 billion), the highest of its kind ever recorded. Likewise, land value increment tax revenues hit a 15-year high of NT$93.1 billion (US$3.1 billion). However, the business income tax revenues declined 4.3% to NT$359.4 billion (US$11.98 billion) during the period.

It's noteworthy that New Taipei City, due to robust realty transactions, collected land value increment tax of NT$22.264 billion (US$742.13 million) in the first 11 months, surging 45.8% YoY to be the highest among Taiwan's five major cities. (JL)

Land Value Increment Tax  Collected by Taiwan's 5 Major Cities in First 11 Months of 2013
City

Revenues (NT$B)

Annual growth (%)

New Taipei City

22.264

45.8

Taipei City

16.71

15.8

Taichung City

12.787

26.9

Tainan City

4.999

19.1

Kaohsiung City

6.697

35.4

Source: MOF