Taiwan's Tax Revenues Grow 5.1% to NT$126.4B. in January 2014

Taiwan's tax revenues in January amounted to NT$126.4 billion (US$4.213 billion), up NT$6.1 billion (US$203.33 million) or 5.1% from a year earlier, higher than the goal set for the month by 1.7%, according to the statistics released by the Ministry of Finance (MOF).

Thanks to global economic recovery, Taiwan's stock market regained strength in January with average daily turnover of NT$97.6 billion (US$3.253 billion). As a result, the securities trading tax revenues hit a six-month high of NT$7 billion (US$233.33 million) during the month, for a sharp annual growth of 20.2%. MOF estimates that the securities trading tax revenues may reach the full-year goal of NT$87.1 billion (US$2.9 billion) this year.

In the same month business tax revenues amounted to NT$50.3 billion (US$1.68 billion) for an annual rise of NT$3 billion (US$100 million) and land value increment tax revenues increased by NT$200 million (US$6.67 million) to NT$10.4 billion (US$346.67 million) as the number of land value increment cases handled in the month rose 5.8% or 4,003 to 72,500.

However, business income tax revenues tumbled 41% to NT$1.1 billion (US$36.67 million).

Last year the total tax revenues hit a record high of NT$1.8341 trillion (US$61.14 billion), yet still short of NT$29.6 billion (US$986.67 million) or accomplishing 98.4% of the goal. This year the goal is set at NT$1.8658 trillion (US$62.19 billion), higher than last year's by NT$31.7 billion (US$1.06 billion) or 1.7%. (JL)