Thu, May 11, 2017 - Page 11 News List

Tax revenue up 3 percent: ministry

By Ted Chen  /  Staff reporter

Tax revenue last month contributed NT$103.1 billion (US$3.4 billion) to the nation’s coffers, an increase of 3 percent from a year earlier, thanks to increases in inheritance and gift taxes, the Ministry of Finance said on Tuesday.

The ministry attributed the modest gain to record-high growth in inheritance and gift taxes, which are to rise from a flat 10 percent to a progressive scheme of up to 20 percent.

Income from cigarette taxes surged to their highest level in five years, as vendors stocked up on inventory in anticipation of a tax hike that would raise the retail price of cigarettes by about NT$20 per pack, the ministry added.

Securities transaction tax income rose to NT$6.3 billion, as turnover grew from a year earlier, the ministry said.

In the first four months of this year, tax revenue totaled NT$450.2 billion, an increase of 1 percent from the same period last year, it added.

The figure indicates that the ministry has met 20.9 percent of this year’s annual target.

An increase of activity on the local bourse has lent support, with average turnover growing to NT$111.2 billion in the first four months, compared with NT$92.1 billion in the same period last year, the ministry said.

Securities tax income has met 25 percent of the annual target, outpacing other taxes, it added.

The national treasury is to receive a boost this month and next month, when people declare personal income earned last year, the ministry said.

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