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.