Taiwan's Tax Revenues Projected to Exceed 2014 Target by NT$46B.

Taiwan's tax revenues totaled NT$1,299.9 billion (US$43.33 billion) in the first eight months of this year, the highest amount ever for the comparable months and NT$37.8 billion (US$1.26 billion) more than the target for the period, according to statistics released by the Ministry of Finance (MOF).

J. L. Hsu, deputy director at the MOF's Department of Statistics, forecasts that tax revenues for the year as a whole with reach NT$1,913.6 billion (US$63.79 billion), exceeding the annual target of NT$1,867.3 billion (US$62.24 billion) by NT$46.3 billion (US$1.54 billion).

In August alone, tax revenues came to NT$108 billion (US$3.6 billion) for an annual rise of 18.4%. Among the separate tax categories, the consolidated income tax chalked up an annual increase of NT$8 billion (US$266.67 million) or 17.8%, to NT$52.7 billion (US$1.76 billion). Business income tax revenues rose by a sharp NT$2.1 billion (US$70 million), or 44.7%, to NT$6.7 billion (US$223.33 million), while the business tax rose by NT$3.6 billion (US$120 million) and the securities trading tax jumped by NT$1.5 billion (US$50 million) to NT$7.4 billion (US$246.67 million).

Over the same period, business tax revenues grew 8.4% to NT$205.3 billion (US$6.84 billion) due mainly to the ballooning automobile market, with sales of imported models jumping 27.1% and those of locally produced cars rising 9.6%. The thriving auto market also helped boost commodity tax revenues to NT$114.6 billion (US$3.82 billion) and customs tariff revenues to NT$69.5 billion (US$2.32 billion).

However, revenues from the land value increment tax dropped 2.2% year-on-year to NT$7.4 billion (US$246.67 million) in August. In the first eight months as a whole the tax brought in NT$70 billion (US$2.33 billion), for a slight YoY rise of 3%. (JL)