MOF says annual tax gap may narrow

By Amy Su  /  Staff reporter

Sat, Oct 12, 2013 - Page 13

Increased tax revenue last month may help the government narrow its full-year shortfall in tax revenue to NT$60 billion (US$2.03 billion), from the NT$80 billion estimated previously, Ministry of Finance officials said yesterday.

Tax revenue totaled NT$196.6 billion last month, up 7.9 percent, or NT$14.4 billion, from a year earlier, the ministry said.

That made tax revenue in the first nine months of this year stand at NT$1.417 trillion, up 0.1 percent from NT$1.416 trillion in the same period of last year.

“If tax revenue generated in the rest three months of this year remains flat from last year, the shortfall [in tax revenue] this year may amount to NT$65.7 billion,” statistics department deputy director Hsu Ray-lin (許瑞琳) told a press conference.

The government said its target is for a 3.7 percent year-on-year growth for tax revenue this year, or up NT$67 billion from the NT$1.7967 trillion last year.

Last year’s sluggish economy reduced collections of business income tax, consolidated income tax and securities transaction tax generated this year.

Business tax revenue in the first nine months was NT$248.2 billion, up 5.2 percent from a year earlier, the highest in history.

Land value increment tax also rose 28.9 percent to NT$76.1 billion, which may exceed the annual budget of NT$82.86 billion set by the government, data showed.