The nation’s tax revenue last month increased 13.1 percent from a year earlier to NT$302 billion (US$10.73 billion), as personal income benefited from dividend payments, but gains on securities transactions contracted amid ebbing investment interest, the Ministry of Finance said yesterday.
Personal income tax soared 40 percent year-on-year to NT$12.4 billion, supported by dividend distributions and the absence of tax returns, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) told a news conference in Taipei.
Corporate income tax gained 20.5 percent to NT$105.4 billion, while business tax grew 5.4 percent to NT$84.8 billion, signs that economic activity picked up following a local outbreak of COVID-19 infections, the ministry said.
Photo: Clare Cheng, Taipei Times
Sales tax increased 2.7 percent to NT$14.5 billion, as vehicles sales recovered momentum, although people consumed less fuel due to disease prevention measures, it said.
Securities transaction tax grew 28.5 percent to NT$17.8 billion, as average daily turnover on the Taiwan Stock Exchange increased 58.33 percent year-on-year to NT$365.6 billion, it added.
However, trading volume posted a 27.2 percent retreat from one month earlier to the lowest mark this year, Chen said.
Foreign investors have cut their holdings in local shares and funds have flowed to the US market on the expectation that the US Federal Reserve would soon taper its bond purchases to pave the way for interest rate hikes amid inflationary pressures.
Trading in the shares of shipping companies and steelmakers dampened significantly, Chen said.
Heavyweight technology shares also took a hit amid the global fund flows, Taiwan Stock Exchange data showed.
Land value increment tax tumbled 33.5 percent to NT$7.1 billion, after taxable deals shrank 21.3 percent year-on-year, the ministry said.
In the first nine months of the year, tax revenue logged a 22 percent gain to NT$2.24 trillion, ahead of the budget schedule this year by 19.5 percent, it said.
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
Tokyo Electron's Taiwan unit today said in a written response that it respects the judicial process, takes the court ruling seriously and would not appeal in the Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) trade secrets case. Last month, a court fined the Taiwan unit of Japan's Tokyo Electron NT$150 million (US$4.74 million) in a case involving trade secrets related to TSMC's sensitive chip technology.
Two of Taiwan’s international carriers, Starlux Airlines Co (星宇航空) and EVA Airways Corp (長榮航空), have retained the five-star airline rating awarded by international airline review organization Skytrax. Starlux was awarded the distinction for a second consecutive year, while EVA Air received it for the 11th straight year, Skytrax said in statements released yesterday and on Thursday last week, respectively. The five-star rating is considered one of the airline industry's highest honors and is awarded following professional audits of airline product and frontline service standards, Skytrax said. The ratings are based on in-depth assessments using unified global quality standards rather than customer review scores
RSS