Tax income rises as consumption and trading grow - Taipei Times
Tue, Jun 12, 2018 - Page 12 News List

Tax income rises as consumption and trading grow

By Crystal Hsu  /  Staff reporter

The nation’s tax revenue rose 24.4 percent year-on-year to NT$379 billion (US$12.71 billion) last month on the back of pickups in corporate income, as well as business and property taxes partly caused by a low base effect, the Ministry of Finance said yesterday.

Corporate income tax soared 65.9 percent to NT$53.9 billion last month due to a low comparison base, as more companies filed income tax returns this year compared with last year, when the lunar Dragon Boat Festival extended the deadline to early June and lowered the comparison base, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.

Likewise, personal income tax recorded a 12.8 percent annual increase to NT$40.3 billion last month partly because the holiday last year delayed people’s filings, Chen said.

BUSINESS

Business taxes gained 11.3 percent to NT$74.5 billion on the back of a pickup in consumption activity, the ministry said.

Commodity taxes picked up 11.6 percent from a year earlier to NT$15 billion, with car imports accounting for more than 30 percent as demand for imported models remained strong, it said.

Meanwhile, securities transaction taxes swelled 59.3 percent to NT$9.9 billion last month, the highest level since September 2011, as daily turnover increased to NT$173.6 billion, from NT$109.8 billion in the same period last year, it said.

CAPITAL

However, land value increase tax income dropped 3.9 percent to NT$8.4 billion last month, even though the number of taxable cases grew 3.7 percent from a year earlier to 56,167, the ministry said.

Gift taxes plunged 78.2 percent to NT$600 million last month as people adopted better asset allocation strategies, it said.

In the first five months of the year, the ministry collected NT$854.7 billion in tax revenue, a 13.2 percent increase from the same period last year, it said.

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