Thu, Oct 13, 2011 - Page 12 News List

Tax revenues up 6.9%, ministry says

By Amy Su  /  Staff Reporter

The nation’s tax revenues increased 6.9 percent from a year earlier to NT$193.3 billion (US$6.36 billion) last month, bringing accumulated tax revenues up 10.2 percent compared with the previous year at NT$1.377 trillion for the first nine months, the second-highest level in history, the Ministry of Finance said yesterday.

“The pickup in profit-seeking enterprise income tax led to the growth in tax revenues last month,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a media briefing.

The profit-seeking enterprise income tax revenue surged 61.5 percent year-on-year to NT$50.4 billion last month, as more withholding tax entered the account, the ministry said in a statement.

Income tax revenue increased 1.6 percent to NT$38.1 billion for last month, while sales tax revenue grew 1.9 percent from a year earlier to NT$49.3 billion.

The ministry said that it remains optimistic that this year’s tax revenues would outperform its target by at least NT$50 billion.

The government set up a target of NT$1.6953 trillion this year, data showed.

Minister of Finance Lee Sush-der (李述德) said the ministry is planning to impose an energy tax to help adjust the nation’s industrial structure and to increase energy efficiency.

The ministry may use energy tax revenues to lower the public’s tax burden by increasing the special deduction for income tax, Lee said.

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