Securities transaction tax income disappoints: MOF

MISCALCULATIONS::The nation’s trading momentum was down by 30 percent from the level the ministry had expected, a ministry official told a press conference

By Amy Su  /  Staff reporter

Sat, May 11, 2013 - Page 14

The revenue from the securities transaction tax in the first four months of the year reached its lowest level since 2005 amid sluggish trading on the local bourse, the Ministry of Finance (MOF) said yesterday.

Revenue from the securities transaction tax saw an annual decline of 24.4 percent to NT$20.9 billion in the first four months, based on the stock exchange average daily turnover of NT$90.8 billion during the period, the ministry said in a monthly report.

“Trading momentum was down by 30 percent from the level we expected,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference.

The ministry’s latest report also showed that the nation’s tax revenue rose 12.1 percent from a year earlier to NT$101.6 billion last month.

Accumulated tax revenue in the first four months increased 3.7 percent year-on-year to NT$413 billion, led by a 10.9 percent increase in business tax to a record NT$95 billion during the period, the report said.

The NT$413 billion tax revenue in the first four months represented the highest level since 2001 and was about 98.8 percent of the ministry’s revenue target for the first four months, Hsu said.

The ministry said earlier it had targeted collecting up to NT$96.4 billion from the securities transaction tax this year and NT$1.8637 trillion in overall tax income.