Fri, Dec 09, 2011 - Page 11 News List

Tax revenues rose 9.9% in first 11 months: ministry

By Amy Su  /  Staff Reporter

While tax revenues increased 9.9 percent year-on-year to NT$1.655 trillion (US$54.84 billion) in the first 11 months of the year, full-year revenues would not recover to the same levels before the global financial tsunami in 2008, the Ministry of Finance said yesterday.

Tax revenues rose 4.5 percent from a year earlier to NT$169.1 billion last month, bringing up revenues in the first 11 months to the second-highest level in history, the ministry said in a report.

However, tax revenues for the year are unlikely to surpass those in 2008, when they hit a record-high NT$1.76 trillion, as this month’s tax revenues are forecast to come in lower than the NT$116.4 billion recorded in December last year, the ministry said

“The recent market tumble may shrink the turnover, further dragging down revenues from securities transaction tax this month,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference.

However, Hsu expected full-year tax revenues to outperform the government’s target of NT$1.695 trillion by between NT$60 billion and NT$65 billion amid rising revenues from sales and commodity taxes.

Sales tax revenues totaled NT$57.7 billion last month, up 16.3 percent from a year earlier, while cumulative revenues in the first 11 months grew 5.8 percent to NT$279.6 billion, their highest level ever, data showed.

Commodity tax revenues, which increased 12.7 percent year-on-year to NT$151.1 billion in the first 11 months, also marked their highest amount since 2005, data showed.

This story has been viewed 1765 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top