Tax revenue hits record high: ministry

By Amy Su  /  Staff reporter

Fri, Oct 12, 2012 - Page 13

Despite declining revenues from the securities transaction tax, the nation’s overall tax revenue increased 2.8 percent from a year ago to NT$1.416 trillion (US$48.11 billion) in the first nine months, the Ministry of Finance said yesterday.

That represented the highest level for the period since government records began, the ministry said in its monthly report.

However, the ministry did not say whether full-year tax revenue would meet the government’s target of NT$1.823 trillion.

“We still need to make more of an effort,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference, adding that lower-than-expected revenue from the securities transaction tax continued to raise uncertainty about overall full-year tax revenue.

Securities transaction tax revenue slid 26.9 percent to NT$55 billion in the first nine months from a year earlier, marking the lowest level in the January-to-September period since 2005, the report said.

By contrast, revenues from consolidated income tax and the business tax increased.

Revenue from consolidated income tax rose 15.7 percent year-on-year to NT$341.1 billion in the first three quarters, while revenue from the business tax increased 3.5 percent to NT$235.9 billion, both record highs.

Last month, total tax revenue fell 5.8 percent from a year earlier to NT$182.2 billion.