Tax revenue fails to reach expectations

By Amy Su  /  Staff reporter

Fri, Apr 12, 2013 - Page 13

The nation’s tax revenue in the first three months of the year failed to reach the government’s quarterly target, but the number still marked the highest first-quarter figure since 2000, the Ministry of Finance’s data showed yesterday.

Tax revenue dropped 10 percent from a year earlier to NT$126 billion (US$4.2 billion) last month, causing revenue in the first quarter to increase by just 1.2 percent year-on-year to NT$311.4 billion, the ministry said in its monthly report.

With lower contributions from consolidated income and securities transaction taxes during the quarter, the NT$311.4 billion was 96.3 percent of the ministry’s first-quarter tax revenue target, the report said.

The first-quarter figure achieved 16.7 percent of the government’s full-year target of NT$1.864 trillion.

“We still have room to improve [tax revenue for this year],” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference.

Revenue from the securities transaction tax saw an annual decline of 28.2 percent to NT$15.8 billion in the first three months, the lowest quarterly figure in four years, the ministry’s data showed.

On the contrary, the land value increment tax posted NT$25 billion in revenue in the first quarter, up 44.5 percent from a year earlier — the highest increase among all taxes. Revenue from the tax also reached its highest level since 2004, statistics showed.