Last month’s tax revenues fell NT$24.6 billion (US$799 million), or 12 percent, from a year earlier to NT$180.8 billion, with business income taxes posting the largest decline chiefly because of a cut in the corporate income rate this year, the Ministry of Finance said yesterday.
Revenue from business income taxes dropped NT$48.5 billion, or 60.8 percent, from a year earlier, to NT$31.2 billion after the government lowered the corporate income tax rate from a progressive rate of up to 25 percent to a flat rate of 17 percent this year.
Besides the reduced rate, the ministry said that the substantial drop in business income taxes was partly because some of last month’s business income tax payment accounts have yet to be processed.
“The amount of business income taxes was not much in September,” Lin Lee-jen (林麗貞), head of the ministry’s statistics department, told a press briefing.
Nevertheless, revenue from inheritance taxes rose NT$11.9 billion, or 8.43 percent year-on-year, to a record high of NT$13.3 billion last month, chiefly because of NT$11.3 billion collected from Wang Yung-ching (王永慶), the late founder of Formosa Plastics Group (FPG, 台塑集團), the ministry said.
In the first nine months, tax revenues totaled NT$1.24 trillion, up NT$48.8 billion, or 4.1 percent, from a year ago, although gains from corporate income taxes declined NT$53 billion.
That compared with a contraction of NT$76.6 billion recorded in the same period of last year.
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