Tax revenue last month declined 9 percent from a year earlier to NT$332.4 billion (US$10.31 billion), as an economic slowdown weighed on corporate and personal income taxes, although securities transaction tax continued a rebound, the Ministry of Finance said yesterday.
Corporate and personal income tax revenue shrank 28.5 percent and 3.9 percent year-on-year to NT$116.9 billion and 42.5 billion respectively, ministry statistics official Liang Kuan-hsuan (梁冠璇) told an online news briefing.
Firms are less active in setting aside tax expenses this year due to poor sales, while the Mid-Autumn Festival contributed to the delay the last month, Liang said.
Photo: Clare Cheng, Taipei Times
Lackluster corporate earnings in turn dampened cash dividends, which fell 13 percent from a year earlier, accounting for the drop in personal income, she said.
Still, personal income tax revenue in the first nine months of the year already exceeded the ministry's target for the entire year, and so did business, inheritance, stamp and house tax revenues, Liang said.
The business tax revenue last month grew 11 percent to NT$105.9 billion from a year earlier and expanded 5.9 percent in the first nine months from the same period last year to NT$469.1 billion, as local financial service providers benefited from interest rate hikes at home and abroad, Liang said.
Sales taxes last month picked up 6.3 percent annually to NT$12.9 billion, mainly aided by strong demand for imported cars, she said.
Securities transaction tax revenue last month spiked 24.5 percent year-on-year to NT$15.7 billion as daily turnover soared 27.6 percent to N$312.7 billion, ministry data showed.
Overall stock investment interest strengthened compared with a year earlier, although artificial intelligence-related plays saw significant price corrections, Liang said.
On the other hand, land value incremental tax revenue, a gauge of property market health, edged up 2 percent to NT$6.1 billion last month after the number of taxable cases rose 5.1 percent to 40,741, she said, suggesting a neutral reading of the changes.
Cumulative tax revenue amounted to NT$2.79 trillion in the first nine months, a 6.3 percent increase from the same period last year and ahead of the ministry's budget schedule by 12.3 percent.
The state coffers might collect excess tax revenue of NT$100 billion this year in the absence of major shocks, the ministry said.
NEW IDENTITY: Known for its software, India has expanded into hardware, with its semiconductor industry growing from US$38bn in 2023 to US$45bn to US$50bn India on Saturday inaugurated its first semiconductor assembly and test facility, a milestone in the government’s push to reduce dependence on foreign chipmakers and stake a claim in a sector dominated by China. Indian Prime Minister Narendra Modi opened US firm Micron Technology Inc’s semiconductor assembly, test and packaging unit in his home state of Gujarat, hailing the “dawn of a new era” for India’s technology ambitions. “When young Indians look back in the future, they will see this decade as the turning point in our tech future,” Modi told the event, which was broadcast on his YouTube channel. The plant would convert
Nanya Technology Corp (南亞科技) yesterday said the DRAM supply crunch could extend through 2028, as the artificial intelligence (AI) boom has led the world’s major memory makers to dramatically reduce production of standard DRAM and allocate a significant portion of their capacity for high-bandwidth memory (HBM) chips. The most severe supply constraints would stretch to the first half of next year due to “very limited” increases in new DRAM capacity worldwide, Nanya Technology president Lee Pei-ing (李培瑛) told a news briefing. The company plans to increase monthly 12-inch wafer capacity to 20,000 in the first half of 2028 after a
Property transactions in the nation’s six special municipalities plunged last month, as a lengthy Lunar New Year holiday combined with ongoing credit tightening dampened housing market activity, data compiled by local land administration offices released on Monday showed. The six cities recorded a total of 10,480 property transfers last month, down 42.5 percent from January and marking the second-lowest monthly level on record, the data showed. “The sharp drop largely reflected seasonal factors and tighter credit conditions,” Evertrust Rehouse Co (永慶房屋) deputy research manager Chen Chin-ping (陳金萍) said. The nine-day Lunar New Year holiday fell in February this year, reducing
New vehicle sales in Taiwan plunged about 37 percent sequentially last month as the long Lunar New Year holiday and 228 Peace Memorial Day holiday cut short the number of working days, along with the lingering uncertainty over import tax cuts on US vehicles, market researcher U-Car said in a report yesterday. New car sales last month totaled 22,043, slumping from 35,073 units in January and down 19.89 percent from 37,515 in February last year, U-Car data showed. Sales of imported luxury cars, led by Mercedes-Benz, plummeted about 45 percent to 3,109 units last month from 5,663 units in the previous month,
RSS