Tax revenue last month tumbled 72 percent year-on-year to NT$194.1 billion (US$6.11 billion), dragged by the different deadline for filing corporate and personal income taxes last year, the Ministry of Finance said yesterday.
Corporate and personal income tax revenue stood at NT$8 billion and NT$7.8 billion, diving 97.4 percent and 96.4 percent respectively from the levels last year when the government granted a one-month moratorium for income tax declaration to accommodate inconveniences caused by the COVID-19 pandemic, ministry statistics official Liang Kuan-shuan (梁冠璇) told an online news briefing.
“There is no need to worry about the retreats attributable to deadline adjustments,” Liang said.
Photo: Chang Chia-ming, Taipei Times
Tax revenue in the first seven months gained 9.2 percent to a record high of NT$2.29 trillion and ahead of the budget schedule by 15.6 percent, thanks to marked increases in revenue of corporate and personal income, business, stamp, tariff, house and car license taxes, she said.
The uptrend would likely be sustained as the nation’s economy is about to emerge from a slowdown and help energize business activity, Liang said, adding that the state coffers would also receive a boost from higher property and house taxes.
Securities transaction tax revenue, the main drag last year due to a bear market, spiked 57.1 percent to NT$22.3 billion, as the local bourse benefited from the global artificial intelligence boom.
Prices of local shares involved in supply of artificial intelligence hardware devices have more than doubled in recent months, Taiwan Stock Exchange data showed.
Daily stock turnover soared 69.3 percent year-on-year to NT$459.2 billion last month and has hovered at about similar levels so far this month, Liang said, adding that securities transaction tax revenue would beat the budget target by a big margin if that momentum sustains for the rest of this year.
Land value incremental tax revenue, a major gauge of property transactions, amounted to NT$6.9 billion, rising 7.6 percent from a year earlier, the ministry said.
Liang refrained from interpreting the increase as a recovery in the property market, saying longer observation would be necessary as the government has introduced a series of measures to curb property price hikes.
BYPASSING CHINA TARIFFS: In the first five months of this year, Foxconn sent US$4.4bn of iPhones to the US from India, compared with US$3.7bn in the whole of last year Nearly all the iPhones exported by Foxconn Technology Group (富士康科技集團) from India went to the US between March and last month, customs data showed, far above last year’s average of 50 percent and a clear sign of Apple Inc’s efforts to bypass high US tariffs imposed on China. The numbers, being reported by Reuters for the first time, show that Apple has realigned its India exports to almost exclusively serve the US market, when previously the devices were more widely distributed to nations including the Netherlands and the Czech Republic. During March to last month, Foxconn, known as Hon Hai Precision Industry
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and the University of Tokyo (UTokyo) yesterday announced the launch of the TSMC-UTokyo Lab to promote advanced semiconductor research, education and talent development. The lab is TSMC’s first laboratory collaboration with a university outside Taiwan, the company said in a statement. The lab would leverage “the extensive knowledge, experience, and creativity” of both institutions, the company said. It is located in the Asano Section of UTokyo’s Hongo, Tokyo, campus and would be managed by UTokyo faculty, guided by directors from UTokyo and TSMC, the company said. TSMC began working with UTokyo in 2019, resulting in 21 research projects,
Ashton Hall’s morning routine involves dunking his head in iced Saratoga Spring Water. For the company that sells the bottled water — Hall’s brand of choice for drinking, brushing his teeth and submerging himself — that is fantastic news. “We’re so thankful to this incredible fitness influencer called Ashton Hall,” Saratoga owner Primo Brands Corp’s CEO Robbert Rietbroek said on an earnings call after Hall’s morning routine video went viral. “He really helped put our brand on the map.” Primo Brands, which was not affiliated with Hall when he made his video, is among the increasing number of companies benefiting from influencer
Taiwan’s property market is entering a freeze, with mortgage activity across the nation’s six largest cities plummeting in the first quarter, H&B Realty Co (住商不動產) said yesterday, citing mounting pressure on housing demand amid tighter lending rules and regulatory curbs. Mortgage applications in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung totaled 28,078 from January to March, a sharp 36.3 percent decline from 44,082 in the same period last year, the nation’s largest real-estate brokerage by franchise said, citing data from the Joint Credit Information Center (JCIC, 聯徵中心). “The simultaneous decline across all six cities reflects just how drastically the market
RSS