The nation’s tax revenue last month jumped 22 percent year-on-year to NT$692.3 billion (US$23.08 billion), due to substantial gains in revenue generated from corporate and personal income taxes which more than offset retreats in revenue received from commodity tax, as well as stock and property transaction taxes, the Ministry of Finance said yesterday.
Corporate income tax revenue spiked 36.6 percent annually to NT$315 billion, as major Taiwanese companies reported an increase in earnings, the ministry said.
Similarly, personal income tax revenue soared 37.6 percent to NT$214.7 billion, thanks to wage increases, the distribution of cash dividends by local listed firms and capital gains attributable to property transactions, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Photo: Clare Cheng, Taipei Times
By contrast, securities transaction tax revenue, a key tax revenue driver in the past two years, plunged 58.3 percent annually to NT$14.2 billion, after daily stock turnover shrank from NT$652.3 billion to NT$271.3 billion, Chen said.
The stock market rout induced by global monetary tightening and economic uncertainty drove investors to the sidelines, analysts said.
The year-on-year decline in securities transaction tax revenue is likely to persist throughout this year, in the absence of liquidity-backed rallies.
Revenue from land value tax stood at NT$6.4 billion, slumping 29.9 percent from the same period a year earlier, as taxable cases fell 7.5 percent to 42,062 deals, ministry data showed.
At the same time, business tax revenue grew 11.3 percent to NT$97.7 billion, while entertainment tax revenue increased by more than 15-fold to NT$120 million, as people began to resume recreational activities as the COVID-19 situation eased, the ministry said.
In the first seven months of this year, the ministry collected NT$2.95 trillion in tax revenue, up 16.2 percent from the same period last year and ahead of its budget schedule for the year by 23.9 percent.
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