Taiwan's Tax Revenues Hit Record High of NT$708.4B in First 5 Months of 2014

Taiwan's tax revenues in May totaled about NT$277.4 billion (US$9.25 billion), down NT$16.4 billion (US$546.67 million) or 5.6% from a year earlier, with the tax revenues in the first five months of 2014 totaling NT$708.4 billion (US$23.61 billion), the highest of its kind; and the business tax, license tax, and inheritance & donation tax collected all hit record highs during the period, according to the statistics released by the Ministry of Finance (MOF).

Lately real estate transactions on the island seem to have slowed to cool the overheated realty market. As a result, the number of land value increment  cases in May dropped 6,755 or 9.4% YoY to 65,000 that generated tax revenues of NT$9.5 billion (US$316.67 million).

MOF estimates that business income tax revenues in June may reach NT$170 billion (US$5.67 billion) for a projected sharp increase of NT$45 billion (US$1.5 billion) from NT$125.1 billion (US$4.17 billion) collected in the same month of last year. Minus the reduction of NT$23.3 billion (US$776.67 million) seen in the first five months, the business income tax revenues are expected to see a net rise of over NT$20 billion (US$666.67 million) in the first half of the year. (JL)

Breakdown of Taiwan's Tax Revenues in First 5 Months
Tax item	Tax revenues (NT$B)	Ratio of full-year goal (%)	Note
Total	708.4	38	Record high
Business tax	155.4	52.5	Record high
License tax	54.9	95.4	Record high
Inheritance & donation tax	5.0	56.2	Record high
Land value increment tax	45.8	48.5	17-year high
Securities trading tax	36.1	41.5	3-year high

Source: MOF