Taiwan's Ministry of Finance (MOF) announced collecting NT$353.4 billion (US$11.40 billion) in taxes in the first quarter, increasing 5.8 percent year on year to hit 15-year high.
The ministry says listed companies on Taiwan's stock exchange and over-the-counter markets together generated NT$2.33 trillion (US$75.16 billion) in pre-tax net income throughout 2014, an increase of 14 percent from the previous year, hence prompting the ministry to reasonably expect the island's tax revenue collection to continue towards a favorable direction in the second quarter.
Senior officials of the ministry's Department of Statistics point out that the ministry aims to collect NT$1.94 trillion (US$62.76 billion) of taxes by the end of this year, with the first-quarter revenue already attaining 18.2 percent of the goal due in part to a surcharge of NT$18.1 billion (US$583.87 million).
The department's statistics show March taxes collected totaling NT$162.2 billion (US$5.23 billion), gaining 16.4 percent from the same month of last year, while business tax increased NT$8.5 billion (US$274.19 million), income tax by NT$7.2 billion (US$232.25 million), business income tax by NT$2.1 billion (US$67.74 million) and commodity tax by NT$2 billion (US$64.51 million).
The ministry attributes the impressive first-quarter tax revenue mostly to the record income tax of NT$79.00 billion (US$2.54 billion), business tax of NT$105.40 billion (US$3.40 billion), and commodity tax of NT$42.6 billion (US$1.37 billion).
The statistics department points out that the first-quarter income tax represents a 6.9 percent year-on-year increase due mainly to the increased tax rates on salary, royalty, and distributed earnings. The first-quarter business tax revenue represents a 7.9 percent year-on-year increase due chiefly to rising consumer spending and declining fuel prices. The robust car market is attributed to the impressive commodity tax revenue of the first quarter, which climbed 9 percent year on year.
In the first quarter of this year, the ministry collected NT$10.5 billion (US$338.70 million) in business income tax, spiking 82.5 percent from the same quarter of last year to hit new high since 2002 due in part to several significant collections of outstanding taxes.
Taiwan's Tax Revenue in Q1, 2015
|| YoY Change (%)
| Income tax
All time high
| Commodity tax
| Business tax
| Business income tax
|| New high since 2002
|| New high since 1999
| Land increment tax
|| Decrease for a twelfth month
| Security transaction tax
|| Decrease for a third month
| Total tax revenue
|| New high since 2001
2019 K Show, the leading global trade fair for the plastics and rubber industry, had been held in Düsseldorf on 16-23 October, 2019. There were 3,330 exhibitors from 63 nations proved impressively: plastics continue to be an innovative, indispensable material. But they also unanimously underscored the necessity of having operational circular economies along the complete material chain and to this...
■ Hubert Chih The number of healthcare exhibitors at the 2020 CES in Las Vegas increased significantly by 23% from 2019. According to the analysis and report by the CES organizer, digital healthcare and technology were the focus in the healthcare exhibition. In addition to the continued expansion of healthcare coverage, the reduction of healthcare costs, the improvement of effectiveness and th...
Due to the COVID-19 pandemic sweeping the globe, most of the international hardware shows slated for this year has been moved to 2021. However, as Taiwan’s efforts combating the new virus has proven to be successful, the 2020 Taiwan Hardware Show (THS) will continue as scheduled, beginning on Oct. 13 and ending on the 15th at the Taichung International Exhibition Center, thus becoming the only sh...
Brazil’s new crown pneumonia epidemic has rapidly increased. Brazil’s Vale, the world’s largest iron ore producer, is facing an out-of-control impact. The market is worried that iron ore production and sales will be affected. new highs. Experts from Sinosteel (2002) evaluated that steel prices will rise steadily under the effect of rising costs, with a promising outlook. According to a legal p...
Apple is considering to invest over US$330 million in a factory in northern Taiwan to manufacture both LED and micro-LED displays for its iPhones, iPads, MacBooks, and other new devices. Apple is teaming up on the new factory with Epistar, Taiwan's top LED producer, and Taiwanese LCD panel maker, AU Optronics. The plant will be located in the Longtan branch of the Hsinchu Science Park and Appl...
What the epidemic showed was the amazing flexibility of Taiwan's machine tool industry. Taiwan, which has allowed the semiconductor industry to specialize in the past, has finally realized that these machine tool industries with amazing strength are the "invisible champions" of Taiwan's economy. In early February, three companies -- Habor Precision, Tongtai Machine & Tool and Taiwan Takisawa -...
Kung Hsing Plastic Machinery Co., LTD., founded in 1972, is the brainchild of the company President Tsai Chin-lien’s over 48 years of experience in designing and producing extrusion machines. The firm stood by its belief to uphold integrity and offer the best quality and services, eventually becoming a leader in the extrusion machinery industry in Taiwan. Kung Hsing currently has two factories; t...
■ Tseng Lung-nan Intype Enterprise has built up 55 years of experience in producing extruders, though the firm is placing greater consideration on rapidly degrading of the global environment. In the past 20 years, Intype has become an active contributor to building up a global ecosystem, enabling them to reuse the products manufactured by their own extruders and avoid further waste. The firm t...
■Hsiao Yung-le Yifeng Technology Co., Ltd. specializes in the research and development of carbon fiber transmission shafts and the manufacture of carbon fiber related products.The carbon fiber material has the characteristics of lightweight, impact resistance, fatigue resistance, and corrosion, and chemical stability is quite high. The product type is increasing in the extensive range with an ...
■Yang Feng-Chun In a bid to assist manufacturers in Changhua County to expand their market reach overseas against severe competition in the globalized market, Changhua County Government has been an active player in pushing for a makeover and innovation of its local small and medium-sized enterprises. This is done in hopes of establishing stronger connection with international markets. An ex...
Founded in 1980, Paul Master Auto Parts Co. is headquartered in Taiwan, a professional manufacturer of chassis and engines parts for passenger cars, trucks, and industrial trucks including forklifts. General Manager Terry Liang said the company has its own professional design department, which provides customized products and specifications for global buyers, including automobile steering and...
Taiwan First brakes Technology Co., Ltd.Sep 04, 2019
Nan Hoang Traffic Instrument Co., Ltd is one of the major manufacturers of automobile friction materials in Taiwan and globally. Chairman Austin Cheng has implemented the double-arrow strategy this year - own brand of “YangPo” is adopted to focus on global channels while the “NHC brand focuses on improving market shares in global markets, such as Europe, America, Asia, Australia, and the Middle E...
In view of the continuous spreading of COVID-19 all over the world and the latest epidemic prevention requirements of China and the government of Shanghai, in order to guarantee the health and safety of exhibitors, purchasers and professional visitors, China National Hardware Association and Koelnmesse have prudently decided to postpone China International Hardware Show 2020 (CIHS 2020) from Augu...
This year, Automechanika Shanghai continues to serve the entire automotive value chain by offering opportunities for information exchange, marketing, trade and education. Both vertically and horizontally, from OE, vehicle production to the aftermarket, it incorporates all elements of manufacturing, supply networks, services, new business models and information technology. Companies across the...
Following the Chinese Government’s initiatives to prevent and control the COVID-19 outbreak, the organisers of the Chengdu International Trade Fair for Automotive Parts and Aftermarket Services (CAPAS) have announced the defer of the show’s 2020 edition. The fair, originally scheduled from 21 to 23 May 2020, will now be held from 20 to 22 May 2021. In China, the State Council issued an announc...