Wed, Mar 14, 2018 - Page 11 News List

Lunar New Year holiday drags on monthly tax gains

By Crystal Hsu  /  Staff reporter

Tax revenues saw a significant decline last month due to holiday disruptions, but cumulative figures rose to the highest level in 20 years on the back of continued economic improvement, the Ministry of Finance said last week.

The National Treasury Administration collected NT$56.1 billion (US$1.92 billion) in tax revenue last month, a 17.5 percent retreat from the same time last year, as the Lunar New Year holiday fell in February this year, shortening days for business activity last month.

Business income tax slumped 28.2 percent, while personal income tax fell 19.1 percent, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said last week.

The securities transaction tax also dropped 7.1 percent even though daily turnover grew 30.15 percent from a year earlier, the ministry’s monthly report showed, adding that inheritance, sales and property taxes also reported a decline.

The ministry dismissed concerns about the retreat, saying cumulative numbers stayed on course for an uptick.

Total tax revenue for the first two months of the year gained 1.6 percent to NT$203.6 billion, the highest level in 20 years, it said.

Personal income tax would likely see an increase this month because many firms distributed year-end bonuses late last month, the ministry said.

The holiday also accounted for the delay on the part of companies to file sales taxes on imported vehicles, it said.

Securities transaction taxes surged 45.2 percent from a year earlier when accounting for January and last month, it said.

Similarly, property gains increased 9.2 percent in the first two months, while property deals picked up 7.3 percent, it said.

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