Mon, Mar 12, 2018 - Page 15 News List

Taiwan Business Quick Take

Staff writer, with CNA

TAXATION

Revenue growth surges

Tax revenue in the first two months of this year saw its largest increase for the period since 1999, on the back of rising revenue from business income and tobacco and alcohol taxes, as well as customs duties, the Ministry of Finance said on Friday last week. Overall tax revenue from January to last month totaled NT$203.6 billion (US$6.95 billion), up NT$3.2 billion, or 1.6 percent, from a year earlier, the ministry said in a report. Last month alone, tax revenue fell NT$11.9 billion, or 17.5 percent, to NT$56.1 billion from a year earlier due to the effects of the Lunar New Year holiday.

FOREIGN EXCHANGE

Reserves up by US$997m

The nation’s foreign exchange reserves last month increased by US$997 million from a month earlier to US$456.72 billion, the central bank reported on Monday last week. Meanwhile, holdings of Taiwanese stocks, bonds and local currency-denominated deposits by foreign investors were down US$16.9 billion from a month earlier at US$409.2 billion. The foreign-held assets were equivalent to about 90 percent of the nation’s foreign reserves, down from the record 94 percent in January, reflecting a weaker local equity market in the month, the bank said.

FINTECH

Taiwan, Poland sign MOU

Taiwan and Poland have signed a memorandum of understanding (MOU) to promote cooperation in the development of financial technology, the Financial Supervisory Commission said on Tuesday last week. The agreement covers cooperation in a wide range of areas, including the establishment of an information-sharing system and an innovative enterprises referral mechanism between the two sides, the commission said.

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