The nation’s tax revenue last month rose NT$52.6 billion (US$1.67 billion), or 53.2 percent from a year earlier, to NT$151.4 billion, with business income taxes posting the largest growth, the Ministry of Finance said yesterday.
Revenue from business income taxes climbed NT$2.5 billion, or 222.3 percent year-on-year, to NT$3.6 billion last month, the ministry said.
This was followed by land value increment taxes, which increased 91.9 percent to NT$7.1 billion, and sales tax revenue, which grew 78.5 percent to NT$67.8 billion, the ministry said.
“Tax revenues last month rose mainly because of a recovering economy, with customs tariffs, income, commodity, sales and land incremental value taxes all rising, Lin Lee-jen (林麗貞), head of the ministry’s statistics department, told a press briefing yesterday.
Lin also attributed the revenue increase to NT$23.8 billion in customs tariffs collected in February and taxes from year-end bonuses that were entered into account books last month.
Cumulative tax revenues in the first three months of the year rose 20.2 percent year-on-year to NT$295.2 billion, 7.5 percent higher than the government’s budget for the period, the ministry said, adding that land value increment taxes saw the largest increase from a year ago.
During the quarter, tax gains from rising land value jumped NT$9.6 billion, or 107.9 percent year-on-year, to NT$18.6 billion, followed by securities transaction taxes at 67.6 percent and business income taxes at 38.1 percent.
Lin said that growth in land value increment taxes pointed to a booming real estate market, adding that the increase was the largest in six years.
Revenue from business taxes in the first three months rose NT$16.4 billion, or 24.8 percent year-on-year, to NT$82.3 billion, thanks to increased domestic spending and imports, she said.
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