Luxury tax boosts coffers
The Ministry of Finance said yesterday a total of NT$1.45 billion (US$48.25 million) in revenue has been submitted to national coffers either as overdue payments or fines as of the end of last month after its inspection of the collection of the luxury tax. The ministry found 2,618 problematic cases of property transactions that should have been subject to the special sales tax as of the end of last month. The tax was introduced in June 2011. A total of 1,352 cases generated NT$732.28 million in overdue payments, with the other 1,266 cases fines that totaled NT$722.22 million, the ministry’s data showed.
Firms get iWatch orders
Two leading Taiwanese electronics companies that assemble products for Apple Inc have received orders to make the highly anticipated “iWatch,” an analyst and reports said yesterday. “Apple is likely to introduce the iWatch in 2014. From our channel checks, Inventec (英業達) is the major assembly source for iWatch, with about 60 percent of the order allocation,” CIMB Securities analyst Wanli Wang (王萬里) said in a report. CIMB forecast a total of 63.4 million iWatch shipments in the year after its launch at an average price of about US$199. The Chinese-language Apple Daily said Quanta Computer (廣達) was handed 40 percent of the order allocation, citing unnamed sources.