Tax revenue last month picked up 15.9 percent from a year earlier to NT$231.8 billion (US$7.164 billion) on the back of rising corporate and personal income taxes, the Ministry of Finance said on Thursday.
Corporate income tax revenue jumped 24.1 percent from a year earlier to NT$13.2 billion while personal income tax revenue added 17.6 percent to NT$40.3 billion, the ministry’s statistics official Liang Kuan-hsuan (梁冠璇) told an online news briefing.
In the first 10 months of the year, overall tax revenues amounted to NT$3.22 trillion, an increase of 6.9 percent from the same time last year and on course to hit the third-highest increase in history with excess taxes of NT$300 billion to NT$370 billion for the whole of this year, Liang said.
Photo: Clare Cheng, Taipei Times
Corporate and personal income tax revenues were the main growth drivers as they already exceeded the budget for this year, she said.
Securities transaction tax revenue, whose movements are closely related to the local bourse, also lent support with a 34.8 percent spike to NT$15.2 billion last month and NT$159.8 billion in the first 10 months, higher than the amount expected for the entire year, Liang said.
Taiwan’s tech shares have benefited from global hype linked to artificial intelligence and an upcoming recovery in demand for personal devices, she said.
On the other hand, the land value incremental tax revenue, a gauge of property market health, advanced 2 percent to NT$5.8 billion, turning positive for two straight months, as favorable lending terms shored up first-home purchases, Liang said. Taxable cases rose 6.2 percent to 41,031.
Liang expects a continued upturn in this tax category toward the year-end, although it might not meet the budget target for this year.
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