Taiwan to Collect Estimated Taxes of NT$2 Trillion in 2014

Taiwan's tax revenues in October came to NT$142.4 billion (US$4.75 billion) for a sizable annual growth of 12.6%, with  first-10-month revenues of  NT$1.6675 trillion (US$55.58 billion), up 8% or NT$124.1 billion (US$4.14 billion) year on year, according to the statistics released by the Ministry of Finance (MOF).

MOF estimates tax revenues for 2014 to reach NT$1.9582 trillion (US$65.27 billion) to exceed the goal by at least NT$90.9 billion (US$3.03 billion).

In the first 10 months tax revenues hit a new high, with six tax items also hitting new highs, including consolidated income tax, business tax, donation tax, housing tax, license tax, and luxury tax.

Among the said six tax items, business tax revenues rose 8.6% or NT$20.9 billion (US$696.67 million) to hit a record high of NT$263.5 billion (US$8.78 billion), due mainly to rising domestic demand and business tax of banks and insurers that has been raised to 5% from 2% starting July 1.

In contrast, housing tax revenues and land value increment tax revenues both dropped, with the  former falling in October for the seventh consecutive month and the latter the fifth straight month. In the same month, land value increment tax revenues stood at NT$7.9 billion (US$263.33 million), down 7.9% year-on-year; and in the first 10 months the revenues accumulated to NT$85 billion (US$2.83 billion) for a slight annual increase of NT$400 million (US$13.33 million) or 0.5%. (JL)