Taiwan's Tax Revenues Hit 14-Year High of 334.1B. in Q1, 2014

Taiwan's tax revenues increased 7.3% or NT$22.7 billion (US$756.67 million) from a year earlier to reach NT$334.1 billion (US$11.14 billion) in the first quarter of the year, a 14-year high, according to the statistics released by the Ministry of Finance (MOF).

Business tax revenues rose NT$4.4 billion (US$146.67 million) to a record high of NT$97.6 billion (US$3.25 billion), likely due partly to rising imports and active Chinese New Year shopping. Likewise, consolidated income tax revenues rose NT$5.5 billion (US$183.33 million) to NT$73.9 billion (US$2.46 billion), the highest of its kind since 2001; and securities trading tax revenues jumped 31.3% or NT$4.9 billion (US$163.33 million) to NT$20.7 billion (US$690 million).

J.L. Hsu, deputy director at the Department of Statistics under MOF, indicates that the total tax revenues in March alone came to NT$139.4 billion (US$4.65 billion) for an annual growth of over 10%, which helped boost the revenues in the first quarter to a new high.

Last year tax revenues amounted to NT$1.834 trillion (US$61.13 billion) and this year the full-year goal is set at NT$1.8658 trillion (US$62.19 billion) for a 1.7% or NT$31.7 billion (US$1.06 billion) increase from last year's.

It's noticeable that last year the pretax profits of Taiwan's listed companies in both stock and over-the-counter markets came to NT$1.88 trillion (US$62.67 billion), surging 46.9% or NT$602 billion (US$20.07 billion) year on year, which may indicate the performance of the companies this year. (JL)

Breakdown of Taiwan's Tax Revenues in Q1
Tax item	Tax revenues (NT$B)	Annual growth (%)
Consolidated income tax	73.9	8.0
Business income tax	5.8	44.0
Business tax	97.6	4.7
Customs income tax	23.6	8.7
Securities trading tax	20.7	31.3

Source: MOF

Tax Revenues in Q1, 2010-2014
Year	Tax revenues (NT$B)
2010	24.6
2011	25.8
2012	22.0
2013	15.8
2014	20.7

Source: MOF