Sat, Jul 12, 2014 - Page 14 News List

Six-months tax revenue reaches historic high level

By Amy Su  /  Staff reporter

The government is optimistic that national tax revenue can achieve its target of collecting NT$1.866 trillion (US$62.2 billion) this year, after tax revenue in the first half of the year reached the highest level in history, the Ministry of Finance said.

The nation’s tax revenue surged 5.5 percent from a year earlier to NT$1.088 trillion in the first six months of this year, the ministry said in a report on Thursday, after disclosing that last month’s tax revenue rose 16.9 percent to NT$379.4 billion.

Tax revenue in the first six months was 4.6 percent higher than the government’s target, the report said.

The ministry attributed the better results to higher revenue from business income tax, which rose 10.9 percent from a year earlier to NT$241.9 billion for the six months that ended last month.

“We remain upbeat that annual tax revenue may reach the goal set by the government,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference on Thursday.

During the first half of the year, the revenues of five other taxes — business tax, house tax, vehicle license tax, gift tax and special sales tax — all reached their highest levels ever in the ministry’s tallies, while consolidated income tax revenue dropped 3.1 percent year-on-year due to the implementation of tax exemption and deduction measures last year amid a sluggish economy, the ministry’s statistics showed.

The government collected NT$1.834 trillion in tax revenue last year, the highest level in history.

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