Tax revenues last month totaled NT$171.2 billion (US$5.93 billion), slumping 30.6 percent from the same time last year, as COVID-19 relief measures gave affected companies a respite in filing corporate income, the Ministry of Finance said on Wednesday.
Corporate income tax was NT$84.5 billion, representing a 47 percent plunge from a year earlier, the ministry said.
Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said that tax revenues might not meet the target for the whole of this year despite prodigious increases in property and securities transaction taxes.
For the first 10 months, corporate income taxes totaled NT$461.7 billion, a 27 percent decline from a year earlier, mainly due to weaker profitability among Taiwanese companies and a tax cut from 10 percent to 5 percent on retaining income.
Revenue from securities transaction taxes last month increased 14.1 percent to NT$9.9 billion, with daily stock turnover soaring 31 percent to NT$206.4 billion, Chen said, adding that the full-year figure would hit a record high.
Securities transaction taxes accumulated to NT$116.9 billion, beating last year’s total for the period by 59.5 percent, the ministry said.
Revenue from land value increment taxes rose 12.9 percent to NT$10.3 billion, thanks to a hefty increase in the number of taxable cases by 7.2 percent to 55,065, the ministry said.
Tobacco and liquor tax revenue rose 15.1 percent to NT$6.8 billion, helped by an increase in consumption, indicating that the negative effects from the pandemic have probably died out.
The treasury collected NT$2.64 trillion in tax revenue between January and last month, representing a 5.2 percent retreat from the same period last year, the ministry said.
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