Tax revenue in the nation last month totaled NT$187.4 billion (US$6.6 billion), rising 20.9 percent from a year earlier, as record stock transaction volumes bolstered income from securities transaction taxes, while a lower comparison base last year also helped, the Ministry of Finance said yesterday.
Securities transaction tax income contributed NT$21.2 billion to the state coffers, more than a threefold increase from NT$7 billion a year earlier, as daily securities turnover rose to NT$428.7 billion, compared with NT$179.8 billion in January last year, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
The TAIEX has repeatedly rallied to new highs in the past few months as Taiwan’s high-tech firms benefited from the pandemic-induced stay-at-home economy and inflows of global funds seeking to pursue better returns.
Photo: CNA
Revenue from the land value increment tax picked up 52.7 percent year-on-year to NT$10.5 billion, as the number of taxable cases soared 51.1 percent to 65,085, Chen said.
Active property transactions and price hikes had in December last year prompted the central bank to cap the loan-to-value ratios at 55 to 65 percent for corporate buyers and multiple homeowners, as well as for unsold houses and land financing, to curb property speculation.
Property developers are looking at a slowdown in presale project launches this year to appease policymakers, local real-estate agencies have said.
Revenue generated by business tax gained 17.7 percent to NT$83.3 billion last month, while that of sales tax grew 9.9 percent to NT$13.7 billion on the back of strong auto sales, the ministry said.
Revenue from personal income tax, and alcohol and tobacco tax showed negative cyclical movements, the ministry said, attributing the gap to the timing of the Lunar New Year holiday, part of which fell in January last year, but is entirely in February this year.
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