The government last month collected NT$76.8 billion (US$2.71 billion) in tax revenue, down 2.7 percent from February last year, the Ministry of Finance said yesterday, attributing the retreat to lower revenue from securities transaction and sales taxes.
Securities transaction tax revenue was NT$11 billion, down 13.9 percent year-on-year, as daily turnover shrank 9 percent to NT$362.9 billion, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Russia’s invasion of Ukraine and expectations of the US Federal Reserve increasing interest rates drove investors to the sidelines, Chen said.
Photo: Clare Cheng, Taipei Times
Foreign portfolio managers have cut holdings in local shares, as they are concerned about fuel and grain price increases exacerbating supply chain disruptions and weighing on corporate profits.
However, most Taiwanese tech and non-tech firms posted hefty year-on-year revenue increases for January and last month, and are expecting month-on-month revenue increases for this month, after last month had fewer working days due to the Lunar New Year holiday.
The Financial Supervisory Commission has said that the local bourse is expected to lose trading momentum this year, as global central banks would phase out favorable programs intended to mitigate effects of the COVID-19 pandemic.
Most Western countries have chosen to tolerate the virus, it said.
Sales tax revenue was NT$10.7 billion, down 29.4 percent year-on-year, as the government cut the sales tax on oil and diesel imports to ease inflationary pressures, and component shortages weighed on automakers, the ministry said.
Personal income tax revenue jumped 33.3 percent to NT$9.3 billion and corporate income tax revenue rose 89.9 percent to NT$5.3 billion, it said, attributing the trend to year-end bonuses.
Revenue from land value increment tax gained 0.9 percent to NT$7.2 billion, as taxable cases picked up 1.9 percent, it said.
For the first two months, overall tax revenue expanded 5.1 percent to NT$280 billion, ahead of the budget schedule by 11.3 percent, the ministry said.
INFRINGEMENT: The investigation comes after a complaint from Vicor Corp, with the company seeking a limited exclusion order as well as cease-and-desist orders, the ITA said The US International Trade Commission (USITC) has launched a Section 337 investigation naming Taiwanese technology companies, including Hon Hai Precision Industry Co (鴻海), Delta Electronics Inc (台達電) and Quanta Computer Inc (廣達), as respondents. The Ministry of Economic Affairs (MOEA) pledged assistance if needed. The USITC said on Friday in a statement that it had voted to institute an investigation under Section 337 of the US Tariff Act of 1930 into certain vertical power delivery systems, related components and computing devices incorporating such systems. The investigation covers 20 companies from Taiwan, China, Germany and the US, the commission said, adding that it
IN GOOD FAITH: Lai said he appreciates Micron’s commitment to Taiwan and that it would continue expanding its investment in the country, while also working with labor President William Lai (賴清德) yesterday called for US memory maker Micron Technology Inc and its workers to negotiate “sincerely” ahead of a possible strike by the company’s union in Taiwan. Last week, a Taiwanese union representing workers at Micron said it had secured authorization from its members to strike over a dispute concerning the company’s bonus scheme, escalating a labor conflict at the chipmaker’s largest manufacturing hub. Micron employs about 15,000 people in Taiwan and has said it invested more than NT$1.6 trillion (US$49.6 billion) in the country. Speaking in Taichung at the opening of a new Micron advanced assembly and testing facility,
A man charged along with Super Micro Computer Inc co-founder Yih-Shyan “Wally” Liaw (廖益賢) of conspiring to send cutting-edge chips to China in violation of US export controls pleaded guilty, court documents said. Ting-Wei “Willy” Sun (孫廷瑋), a former outside contractor described by US authorities as a “fixer” who allegedly aided in the sales, pleaded guilty on Thursday at a hearing in federal court in New York as part of an agreement with prosecutors, court filings showed. Prosecutors claimed the men were part of a scheme to send Nvidia Corp-powered servers to an unnamed Southeast Asian company and then divert them to
Taiwan should not rule out any energy source or abandon environmental sustainability in favor of ideology and short-term benefits, President William Lai (賴清德) said in an interview, calling for a “professional assessment” of whether nuclear power should be reintroduced into Taiwan’s energy mix. In an online interview with influencer Yu Ting-hao (游庭皓) that aired yesterday, Lai reiterated his position on nuclear power. SHIFT Lai’s remarks marked a shift from the Democratic Progressive Party’s (DPP’s) longstanding opposition to nuclear power. As premier from 2017 to 2019, Lai pushed for more gas-fired power capacity while sticking to the DPP’s nuclear free homeland ideology and rejected the
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