The Ministry of Finance has reduced its estimates for a tax revenue shortfall for this year to less than NT$60 billion (US$2.03 billion), from the NT$80 billion it estimated in September.
The ministry revised its forecast after tax revenues last month rose 10.8 percent year-on-to NT$126.4 billion.
That followed a 7.9 percent year-on-year growth in September, the ministry said in a report.
Aggregate tax revenue in the first 10 months of the year stood at NT$1.543 trillion, up 0.9 percent from the same period last year, but NT$47 billion short of the target set by the government, the report said.
“If tax revenues collected in the final three months of the year are flat compared with the same period last year, the shortfall for the full year may amount to NT$53.3 billion,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference.
The government has set a target of 3.7 percent year-on-year growth for tax revenues this year, or up NT$67 billion from the NT$1.7967 trillion it collected last year.
However, last year’s sluggish economy has reduced revenue collection from business income, consolidated income and securities transaction taxes, making the target a hard one to meet, Hsu added.