Sat, Oct 11, 2014 - Page 14 News List

Tax revenue to surpass target: MOF

BUSINESS INCOME LEVY:Even if revenues are flat in the fourth quarter, the full-year figure will still exceed the ministry’s target by NT$79.5 billion, an official said

By Amy Su  /  Staff reporter

The government is optimistic that national tax revenues this year could surpass its target of NT$1.867 trillion (US$61.35 billion) by as much as NT$90 billion, after setting a new revenue record for the first nine months of the year, the Ministry of Finance (MOF) said yesterday.

Total tax revenue surged 7.6 percent from a year earlier to NT$1.525 trillion from January through last month, which was 5 percent higher than the government’s estimate, the ministry said in a monthly report.

Tax revenue for last month alone increased 14.5 percent year-on-year to NT$225.2 billion, the report said.

Given the solid results in the first three quarters and promising outlook for the fourth quarter, the ministry is optimistic that tax revenues could hit the NT$2 trillion mark this year and surpass its target by about NT$90 billion.

“Even if tax revenue for the last three months of the year is flat from the same period last year, we will still see annual tax revenues surpass our target by more than NT$79.5 billion,” statistics department Deputy Director Hsu Ray-lin (許瑞琳) told a press conference.

In that case, the nation may see an end to the tax shortfall that it posted over the past two years, Hsu said.

The ministry attributed the increase to contributions from the business income tax, which rose 15.7 percent from a year earlier to NT$317.1 billion for the first nine months.

Revenues from five other taxes — business, home, vehicle license, gifts and special sales — also set records, the ministry’s data showed.

However, growth in revenue from the land value increment tax slowed to 1.4 percent in the first three quarters to NT$77.2 billion, with the number of cases levied declining 2.6 percent year-on-year to 545,747, reflecting the weak trading momentum in the property market, data showed.

Hsu said that he expected tax revenues in the fourth quarter of the year to continue growing, as the economic recovery further boosts revenue from business income tax.

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