Tax revenue shows NT$39.1bn shortfall

By Amy Su  /  Staff reporter

Wed, Dec 11, 2013 - Page 13

The nation’s tax revenue last month increased 4.6 percent to NT$170.2 billion (US$5.76 billion) from a year earlier, the Ministry of Finance said yesterday.

In the first 11 months of the year, total tax revenue totalled NT$1.714 trillion, up 1.2 percent from the same period last year, but still NT$39.1 billion short of the government’s target, the ministry said.

However, increases in tax revenue over the past three months could help the government narrow its full-year tax revenue shortfall to about NT$45 billion, from the NT$80 billion it estimated in September, it said.

“We have revised downward this year’s shortfall forecast as tax revenue over the past few months grew more than expected,” Hsu Ray-lin (許瑞琳), deputy director of the ministry’s statistics department, told a press conference.

If tax revenues collected this month remain flat compared with the same period last year, the shortfall in tax revenue for the full year could amount to NT$45.9 billion, Hsu said.

The sluggish economy has reduced the levels of business income tax, consolidated income tax and securities transaction tax generated thus far this year — the major factor dragging down the nation’s full-year tax revenue.

However, revenue from land value increment taxes has risen 28.4 percent to NT$93.1 billion, exceeding the government’s guidance of NT$82.86 billion, data showed.