Centrally allocated tax revenues in the first quarter of this year rose by NT$8.5 billion (US$268.9 million) from a year earlier to NT$43.5 billion, a statement released by the Ministry of Finance on Thursday said.
Of these tax revenues, income taxes increased NT$300 million year-on-year, business and commodity taxes grew NT$6.9 billion and NT$400 million respectively, and land value increment taxes collected by local governments rose NT$900 million, the ministry said.
Based on the first-quarter data, the ministry revised upward its estimate of centrally allocatted tax revenues for this year to NT$177 billion, from the original forecast of NT$173.7 billion.
Despite growth in centrally allocated tax revenues, the government saw a deficit of NT$164.8 billion last year, the highest in five years, although lower than figures recorded between 2002 and 2004, a separate ministry statement showed this week.
On Wednesday, National Treasury Agency Director-General Hwang Ding-fang (黃定方) called an impromptu press conference in which he claimed that the government’s deficit was under control, saying: “An increase in public debt means higher national competitiveness.”
Although public debt appeared to have climbed, the nation’s financial conditions would remain healthy as long as it could afford to repay the debt and interest, Huang told reporters.
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