The nation’s tax revenues last year saw the biggest contraction — NT$241.5 billion (US$7.51 billion) — in history, as well as a record shortfall of NT$265.2 billion because of the global economic crisis and tax cuts implemented by the government, the Ministry of Finance said yesterday.
Last year’s net revenue totaled NT$1.52 trillion, down 13.7 percent from the previous year and the lowest since 2005, with business income taxes dropping NT$112.7 billion, or 25.3 percent, and individual income taxes declining NT$83.3 billion, or 21.4 percent, ministry statistics showed.
“Both business and individual income taxes posted the biggest decline in history,” Lin Lee-jen (林麗貞), head of the ministry’s statistics department, said at a press briefing yesterday, adding that a total of about NT$50 billion in taxes were cut last year.
The statistics showed that business taxes dropped a record high of NT$27.4 billion, or 11.2 percent, last year, mainly because of a decrease in domestic sales and imports, while tariffs also saw the biggest decline — NT$12.2 billion, or 15.2 percent — in the nation’s history.
Lin attributed the contraction to the financial crisis that hit the nation hard last year, adding that as the economy started to recover in the second half of last year, several categories of taxes saw an improvement.
Revenues from commodity taxes exceeded NT$10 billion for the seventh consecutive month and reached NT$13.17 billion last month, she said.
In addition, taxes from securities transactions totaled NT$11.3 billion last month, an increase of NT$6.3 billion, or 125.6 percent, from the same period in 2008, while capital gains from rising land value rose to NT$53.2 billion, up 37.8 percent from the previous year, statistics showed.
The report said that because tax exemptions for new car purchases were easing at the end of last year, car sales hit the highest number — 44,977 — in four years last month, 1.4 times more than the previous month.
Last year, the central government collected a total of NT$1.44 trillion, with a shortfall of 224.2 billion, the highest amount ever, while tax revenue from local governments amounted to NT$428.6 billion, the statistics showed.
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