The government last month collected NT$228.3 billion (US$7.67 billion) in tax revenue, down NT$180.2 billion, or 44.1 percent, from a year earlier, the Ministry of Finance said.
The biggest decrease was in corporate income tax revenue, which dropped NT$151.4 billion year-on-year, or 91.4 percent, to NT$14.2 billion, as the government had extended the tax filing deadline to the end of this month from the end of last month due to COVID-19, the ministry said in a statement on Wednesday last week.
For the same reason, personal income tax revenue also fell NT$15.9 billion, or 38.9 percent, to NT$25 billion; property tax revenue decreased NT$4.9 billion, or 10.1 percent; and commodity tax revenue declined NT$3.6 billion, or 22.4 percent, the ministry said.
However, revenue increased NT$3.3 billion, or 40.2 percent, in securities transaction taxes, as local equity markets’ average daily turnover was higher than a year earlier, it said.
In the first five months of the year, cumulative tax revenue fell NT$136.5 billion, or 15.4 percent, from a year earlier to NT$747.9 billion, ministry data showed.
The January-to-May figure accounted for 86.6 percent of the government target for the first five months of this year, as increases in revenues from securities transactions and business and individual income taxes were offset by decreases in revenues from corporate income, property and commodity taxes, the ministry said.
Tax revenue from securities transactions in the first five months rose NT$13.4 billion, or 38.3 percent, year-on-year to NT$48.5 billion as the daily trading turnover on the local bourse averaged NT$192.3 billion over the period, up from NT$136 billion a year earlier, ministry data showed.
Business tax revenue totaled NT$211.1 billion in the first five months, up NT$12.3 billion, or 6.2 percent, from a year earlier, while individual income tax revenue increased NT$6 billion, or 4.5 percent, to NT$140.7 billion from January to last month, the data showed.
So far this year, revenues from entertainment tax and business tax have mainly been affected by the COVID-19 pandemic, while growth in revenues from corporate income tax and land value increment tax appears limited due to a high comparison base last year, the ministry said.
The ministry said that it is still optimistic about total tax revenue this year, citing various government measures, including stimulus vouchers, which are expected to boost the economy later this year.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Taiwanese prosecutors suspect that three people successfully smuggled at least one shipment of Nvidia Corp artificial intelligence (AI) chips to China after first exporting them to Japan, people familiar with the matter said. The trio was detained last week by the Keelung District Prosecutors’ Office for allegedly falsifying documents related to exports of Super Micro Computer Inc servers containing advanced Nvidia chips, which the US has barred from sale to China without a license from Washington. The move marked Taiwan’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) employee bonuses are likely to grow more than 30 percent this year, in line with the past few years as the company’s profits continue to set new records, an anonymous source cited TSMC chairman C.C. Wei (魏哲家) as saying yesterday. TSMC, the world’s largest contract chipmaker, is committed to taking care of its workers, the source said, citing Wei’s meeting with employees yesterday morning. Wei also expressed gratitude to employees for their contribution to the company’s improving bottom line, the source added. Since 2023, TSMC’s employee bonuses have grown at an annual rate of
RSS