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Taiwan's Tax Revenues Hit Record High of NT$1.82 Trillion in 2013

2014/01/22 | By Judy Li

Taiwan's tax revenues hit a record high of NT$1.8189 trillion (US$60.63 billion) in 2013, for an annual rise of NT$22.2 billion (US$740 million) or 1.2%, albeit short NT$44.8 billion (US$1.493 billion) of the 2013 goal set at NT$1.8637 trillion (US$62.123 billion), according to the statistics released by the Ministry of Finance (MOF).

J. L. Hsu, deputy director at the Department of Statistics under the MOF, indicates that tax revenues in 2013 only met  97.6% of the goal, but set a record high due to improved collection of many taxable items.

Among such items, land value increment tax revenues increased by NT$22.1 billion (US$736.678 million) year-on-year and business tax rose by NT$12.3 billion (US$410 million).

It's noteworthy that the seven taxable items enjoyed record high revenues for the year, which were business tax (NT$294.2 billion or US$9.81 billion), land price tax (NT$70.8 billion or US$2.36 billion), housing tax (NT$63 billion or US$2.1 billion), license tax (NT$57.8 billion or US$1.93 billion), health & welfare surcharge (NT$34.8 billion or US$1.16 billion), donation tax (NT$9.5 billion or US$316.67 million) and luxury tax (NT$5.2 billion or US$173.33 million).

However, in the same year the business income tax revenues declined by 4.9% from a year earlier to NT$349.7 billion (US$11.66 billion), short  NT$39.5 billion (US$1.32 billion) to meet only 89.9% of the goal. Consolidated income tax revenues posted at NT$390.8 billion (US$13.03 billion), the second highest of its kind, yet down slightly  NT$2.2billion (US$73.33 million) from that of the previous year but exceeding the goal by NT$8.4 billion (US$280 million).

Securities trading tax revenues witnessed a shortfall of NT$25.4 billion (US$846.67 million) to NT$71 billion (US$2.37 billion), reaching only 73.7% of the goal. Luxury tax revenues surged by 21.3% to NT$5.2 billion (US$173.33 million), of which NT$3.496 billion (US$116.53 million) came from real properties and NT$1.659 billion (US$55.3 million) from luxury sedans.

Land value increment tax revenues rose by NT$22.1 billion (US$736.67 million) or 27.3% from a year earlier to NT$103.3 billion (US$3.44 billion), meeting 124.6% of the goal. The five major cities on the island all witnessed double-digit growths in such revenues. (JL)

Land Value Increment Tax Revenues Collected by Taiwan's Major Cities in 2013
City

Land value increment tax revenues (NT$B.)

Annual growth (%)

New Taipei City

24.813

46.4

Taipei City

18.972

15.7

Taichung City

14.053

23.9

Tainan City

5.412

18.2

Kaohsiung City

7.356

30.6

Taoyuan County

13.055

23.0