The government last month collected NT$220.2 billion (US$7.44 billion) in tax revenue, down NT$261.1 billion, or 54.3 percent, from a year earlier, Ministry of Finance data showed.
The biggest decrease was in personal income tax revenue, which fell by NT$180.5 billion year-on-year, or 97.9 percent, to NT$3.9 billion, as the government extended the tax filing deadline from the end of May to the end of last month due to the COVID-19 pandemic, which led to part of the tax revenue not being recorded, although the first batch of tax refunds was already booked, the ministry said in a statement on Thursday.
For the same reason, corporate income tax revenue also dropped by NT$85.9 billion, or 39 percent, to NT$134.1 billion, the ministry said.
Business tax revenue decreased by NT$5.2 billion and commodity tax revenue declined by NT$1.2 billion from a year earlier, but securities transaction tax revenue increased by NT$6.4 billion, as local equity markets’ average daily turnover was higher than a year earlier, it said.
In the first six months of the year, cumulative tax revenue fell by NT$397.6 billion, or 29.1 percent, to NT$968.1 billion compared with the same period last year, ministry data showed.
The January-to-June figure accounted for 72.2 percent of the government’s target for the first six months of this year, as increases in revenues from securities transactions and business taxes were offset by decreases in revenues from corporate income, individual income, house and commodity taxes, the ministry said.
Tax revenue from securities transactions in the first six months rose by NT$19.9 billion, or 48.3 percent, year-on-year to NT$61 billion as the daily trading turnover on the local bourse averaged NT$200.3 billion over the period, up from NT$133.1 billion a year earlier, ministry data showed.
Business tax revenue totaled NT$201.6 billion in the first six months, up NT$7.1 billion, or 3.7 percent, from a year earlier, while revenue from land value increment tax increased by NT$1.2 billion, or 2.4 percent, to NT$49.9 billion, the data showed.
However, corporate income tax revenue fell by NT$243.3 billion, individual income tax revenue decreased by NT$174.5 billion, commodity tax revenue declined by NT$5 billion and house tax revenue dropped by NT$4.8 billion, it showed.
EXTRATERRITORIAL REACH: China extended its legal jurisdiction to ban some dual-use goods of Chinese origin from being sold to the US, even by third countries Beijing has set out to extend its domestic laws across international borders with a ban on selling some goods to the US that applies to companies both inside and outside China. The new export control rules are China’s first attempt to replicate the extraterritorial reach of US and European sanctions by covering Chinese products or goods with Chinese parts in them. In an announcement this week, China declared it is banning the sale of dual-use items to the US military and also the export to the US of materials such as gallium and germanium. Companies and people overseas would be subject to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) founder Morris Chang (張忠謀) yesterday said that Intel Corp would find itself in the same predicament as it did four years ago if its board does not come up with a core business strategy. Chang made the remarks in response to reporters’ questions about the ailing US chipmaker, once an archrival of TSMC, during a news conference in Taipei for the launch of the second volume of his autobiography. Intel unexpectedly announced the immediate retirement of former chief executive officer Pat Gelsinger last week, ending his nearly four-year tenure and ending his attempts to revive the
WORLD DOMINATION: TSMC’s lead over second-placed Samsung has grown as the latter faces increased Chinese competition and the end of clients’ product life cycles Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) retained the No. 1 title in the global pure-play wafer foundry business in the third quarter of this year, seeing its market share growing to 64.9 percent to leave South Korea’s Samsung Electronics Co, the No. 2 supplier, further behind, Taipei-based TrendForce Corp (集邦科技) said in a report. TSMC posted US$23.53 billion in sales in the July-September period, up 13.0 percent from a quarter earlier, which boosted its market share to 64.9 percent, up from 62.3 percent in the second quarter, the report issued on Monday last week showed. TSMC benefited from the debut of flagship
TENSE TIMES: Formosa Plastics sees uncertainty surrounding the incoming Trump administration in the US, geopolitical tensions and China’s faltering economy Formosa Plastics Group (台塑集團), Taiwan’s largest industrial conglomerate, yesterday posted overall revenue of NT$118.61 billion (US$3.66 billion) for last month, marking a 7.2 percent rise from October, but a 2.5 percent fall from one year earlier. The group has mixed views about its business outlook for the current quarter and beyond, as uncertainty builds over the US power transition and geopolitical tensions. Formosa Plastics Corp (台灣塑膠), a vertically integrated supplier of plastic resins and petrochemicals, reported a monthly uptick of 15.3 percent in its revenue to NT$18.15 billion, as Typhoon Kong-rey postponed partial shipments slated for October and last month, it said. The
RSS