The government last month collected NT$253.6 billion (US$8.28 billion) in tax revenue, rising 0.4 percent from a year earlier on the back of corporate and personal income tax, as well as inheritance tax gains, the Ministry of Finance said yesterday.
Corporate income tax revenue spiked 70.3 percent to NT$7.8 billion, while personal income tax revenue grew 2.6 percent to NT$22.9 billion, the ministry told a news conference in Taipei.
Despite an economic slowdown, Taiwanese firms gained headway in earnings, increased employee wages and distributed sizeable cash dividends to shareholders compared with a year earlier, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Photo: Clare Cheng, Taipei Times
Revenue from tariffs soared 24.8 percent to NT$13.8 billion, aided by an increase in imported vehicles and processed food, she said.
In addition, inheritance tax revenue swelled 60.8 percent to NT$4.1 billion, while revenue from business taxes picked up 4.5 percent to NT$97.8 billion, she said.
The impressive showings offset retreats in securities transaction and land value increase tax revenues, which plunged 41.7 percent and 31.8 percent to NT$13.9 billion and NT$6.5 billion respectively, the ministry’s monthly report showed.
Bleak sentiment caused by global inflation and monetary tightening continued to take a toll on the local bourse and property transactions, Chen said.
Revenue from sales taxes dropped 0.3 percent to NT$14.1 billion, attributable to tariff cuts on imported raw materials and commodities to ease inflationary pressures, it said.
Cumulative tax revenue in the first 11 months of the year rose 13.6 percent to NT$3.8 trillion, the first time the NT$3 trillion mark has been crossed in the period and exceeding the budget target for the whole year by 13 percent, the official said.
Full-year excess tax revenue might be more than NT$450 billion, Chen said, adding that corporate, personal, inheritance, business and house tax revenues have already set full-year records.
However, revenue from sales, land value gain and securities transaction taxes are likely to miss their targets, although the TAIEX recovered some losses this month, she said.
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while California Governor Gavin Newsom of the Democratic Party maneuvers to defeat a levy that he fears would lead to an exodus of wealth. A technology mecca, California has more billionaires than any other US state — a few hundred, by some estimates. About half its personal income tax revenue, a financial backbone in the nearly US$350 billion budget, comes from the top 1 percent of earners. A large healthcare union is attempting to place a proposal before
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
RSS