Taiwan's Tax Revenue Estimated to Exceed Goal by NT$90B. for 2014
2014/10/27 | By Judy LiTaiwan collected tax revenues totaling NT$1.5251 trillion (US$50.84 billion) in the first nine months, the highest of its kind and up 7.6% year on year, according to the statistics released by Taiwan's Ministry of Finance (MOF).
Collections of business, housing, license, luxury, commodity, and inheritance & donation taxes all reached new highs of their kinds. In addition, business income tax rose an annual 15.7% to NT$317.1 billion (US$10.57 billion) during the period, indicative of profitability amid promising business climate. In contrast, land value increment tax revenues only edged up 1.4% to NT$77.2 billion (US$2.57 billion).
With the business climate to stay buoyant, MOF predicts total tax revenues may exceed the goal by NT$90 billion (US$3 billion) for the year.
In September, business income tax revenues came to NT$64.1 billion (US$2.14 billion) for a sharp year-on-year growth of 22%, with consolidated income tax revenue up 23.9% and those of business, customs, and commodity taxes rising 8%-12%. Likewise, securities trading tax revenues rose 14.2% YoY to NT$6.5 billion (US$216.67 million), yet down NT$3.1 billion (US$103.33 million) from the peak of NT$9.6 billion (US$320 million) recorded in July. (JL)
| Taxes that Hit New Highs in First 9 Months | |||
| Item
| Revenue (NT$B.)
| Annual comparison (NT$B.)
| Annual growth (%)
|
| Business tax
| 271.0
| 22.7
| 9.1
|
| Housing tax
| 63.8
| 1.6
| 2.5
|
| Luxury tax
| 3.9
| 0.3
| 7.9
|
| Inheritance & donation tax
| 18.0
| 1.4
| 8.5
|
| License tax
| 57.7
| 1.5
| 2.7
|
| Commodity tax
| 128.9
| 9.9
| 8.3
|
| Total
| 1,525.1
| 108.1
| 7.6
|