Total tax revenue from January through last month rose 4.6 percent year-on-year to NT$2.86 trillion (US$89.8 billion), after last month’s tax revenue rose 9.4 percent year-on-year to NT$207.1 billion, the Ministry of Finance (MOF) said yesterday.
“The result was due to higher revenue from taxes on business income and land,” Statistics Department Deputy Director Hsu Ray-lin (許瑞琳) told a news conference in Taipei.
Business income tax revenue climbed 10.1 percent from a year earlier to a record NT$500.9 billion in the first 11 months of the year, thanks to increasing tax revenue from corporations’ undistributed earnings.
During the same period, land tax revenue jumped 34.1 percent to NT$54.7 billion because of higher government assessed land values, the ministry said.
Revenue generated from personal income taxes totaled NT$472.9 billion from January through last month, up 4.8 percent from a year earlier, while property tax revenue soared 44.4 percent to NT$23.7 billion, the statistics showed.
However, commodity taxes edged down 0.7 percent to NT$166.3 billion during the same period, the figures showed.
The ministry attributed the decline to a new subsidy program that grants buyers a NT$50,000 discount on commodity taxes when they purchase a new car six months before or after they export or discard their used car.
Meanwhile, land value increment taxes during the first 11 months contracted 18.1 percent year-on-year to NT$73.6 billion, while securities transaction taxes dropped 13.1 percent to NT$64.6 billion due to falling stock transactions, the statistics showed.
The ministry said it expects this year’s total tax revenue to exceed its target by 5.7 percent, Hsu said.
Cumulative tax revenue in the first 11 months of this year has already reached 99.5 percent of the annual target set by the government, which was NT$2.96 trillion, the ministry said.
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