Thu, Feb 21, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

TAXATION

Revenue to GDP ratio up

Taiwan’s tax revenues to GDP ratio last year hit 13.4 percent, an increase of 0.5 percentage points over 2017, the Ministry of Finance said yesterday. The ratio gauges the proportion of a nation’s total output that is collected by the government through taxation and indicates the degree to which a government controls a nation’s resources. Taiwan’s ratio has hovered between 11 and 14 percent since 2000. However, other nations in the region did much better last year, with South Korea reaching 20 percent, Japan 18.2 percent and Singapore 13.5 percent, while European nations far exceeded those levels, the ministry said. Boosted by stable economic growth and rising stock market turnover, total revenue collected last year was NT$2.39 trillion (US$77.54 billion at the current exchange rate), up 6 percent from 2017, it said.

AVIATION

CAL ‘back to normal’

China Airlines (CAL, 中華航空) will resume its regular flight schedule today after a pilot shortage was resolved following the resolution of a week-long strike on Thursday last week. The airline canceled five flights yesterday, bringing the total number of flights canceled between Feb. 8 and yesterday to 214, the airline said. The airline has estimated its losses during that period, at NT$600 million.

CHIPMAKERS

TSMC to sue supplier

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on Tuesday said it would seek compensation from a company that provided it with substandard raw materials that resulted in several hundred million US dollars in sales losses earlier this year, but it refused to give a name or specify the amount. It said the supplier should be held liable for its failure to detect heterogeneous polymers in the photoresist materials that caused the losses. The company’s statement came after a Chinese-language newspaper reported earlier in the day that Dow Chemical Co was the supplier and the chipmaker would seek NT$4 billion in compensation from the US firm. TSMC last month was forced to scrap tens of thousands of silicon wafers at its Fab 14B in Tainan, because of the defective raw materials. The production interruption cost it US$550 million in sales and led to a lower first-quarter sales forecast.

FOOD AND BEVERAGE

Beijing duck special offered

Cosmos Hotel TICC, a banquet and dining facility at the Taipei International Convention Center run by Taipei-based Cosmos Hotel & Resorts Group (天成飯店集團), has launched a Beijing duck promotion, communication official Blythe Chao (趙芝綺) said yesterday. It recently issued Beijing duck coupons priced at NT$1,480 each to allow guests to enjoy the famed delicacy at discounted prices, she said, adding that different discounts extend to Cantonese dim sum at the restaurant. Meanwhile, the group’s Cosmos Hotel Taipei (台北天成大飯店) has outperformed peers in terms of occupancy rates for the seventh consecutive year, thanks to its closeness to the Taipei Railway Station and relatively affordable rates, Chao said. The group’s newest property, the Grand Cosmos Resort Ruisui (瑞穗春天國際觀光酒店) in Hualien County, achieved an occupancy rate of nearly 80 percent over the Lunar New Year holiday and is almost fully booked for the long 228 Peace Memorial Day weekend, she said. The group spent NT$6 billion turning a large plot of land in Ruisui Township (瑞穗) into a hot-spring facility with 198 guest rooms and villas.

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