Mon, Sep 16, 2019 - Page 16 News List

Tax revenue for August up 2.5%

By Chen Cheng-hui  /  Staff reporter

The government last month collected NT$120.1 billion (US$3.87 billion) in tax revenue, up NT$2.9 billion, or 2.5 percent, from a year earlier, the Ministry of Finance said on Wednesday last week.

The biggest increases were in personal income tax revenue, which rose NT$3.5 billion (or 5.9 percent) year-on-year to NT$63.6 billion and in corporate income tax revenue, which grew NT$3.4 billion (or 81.1 percent) to NT$7.5 billion, the ministry said in a statement. In contrast, business tax revenue decreased NT$2.6 billion to NT$7.3 billion last month.

In the first eight months of this year, cumulative tax revenue increased NT$21.7 billion (or 1.3 percent) from a year earlier to NT$1.64 trillion — a record high for the period, ministry tallies show.

The January-to-August figure accounted for 68.5 percent of the government target for the first eight months of this year, as increases in revenues from corporate income tax, property tax, vehicle license tax, land value increment tax and inheritance tax were offset by revenue decreases in securities transaction, commodity, individual income and business taxes.

Tax revenue from securities transactions in the first eight months declined NT$14.3 billion (or 19.9 percent) year-on-year to NT$57.5 billion as the daily trading turnover on the local bourse averaged NT$135.2 billion over the period, down from NT$164.3 billion a year earlier.

Commodity tax revenue totaled NT$117.6 billion in the first eight months, down NT$3 billion (or 2.5 percent) from a year earlier, affected by the reduction of the commodity tax on energy-saving home appliances and due to lower tax revenue from oil products amid declining international raw material prices, the ministry said.

Meanwhile, land value increment tax revenue increased NT$3.7 billion (or 5.9 percent) to NT$66 billion from January to last month, evidenced by higher numbers of property transaction, the ministry said. Property transactions reached 490,000 deals last month, up 30,000 deals or 6.8 percent from a year earlier.

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