Tax revenue last year gained 5.7 percent from 2022 to a record NT$3.43 trillion (US$110.28 billion), beating the government budget target by 11.8 percent, or NT$361.7 billion in excess tax revenue, the Ministry of Finance (MOF) said yesterday.
The actual excess could rise to a range of NT$380 billion to NT$391 billion after the arrival of delayed tax revenue, ministry statistics official Liang Kuan-hsuan (梁冠璇) said.
The excess tax revenue came because the ministry had no way of foreseeing five interest rate hikes by the central bank to curb inflation that helped inflate
Photo: Chang Chia-ming, Taipei Times
business tax revenue to NT$560.9 billion, Liang said
Furthermore, the ministry could not have predicted the rallies in local tech shares that raised full-year securities transaction tax revenue by 12.4 percent to NT$197.3 billion, the second-highest in history, she said.
Liang attributed the rallies to the world’s keen interest in artificial intelligence equipment and solutions, which benefit local firms and their global supply chains.
Personal income tax revenue represented another bright spot with a 14.4 percent advance to NT$749.7 billion, thanks to upward wage and interest rate adjustments among other things, Liang said.
Altogether, revenues from the gifts and inheritances tax, sales tax, corporate income tax, entertainment tax, deed tax and house tax more than met the budget target, she added.
Only revenue from liquor and tobacco taxes as well as land value increment tax lagged behind the ministry’s projection, Liang said, adding that property transactions have since July last year staged a rebound.
The government is looking at a slowdown in tax revenue this year as some manufacturing sectors last year took a hit from sharp inflation, monetary tightening and geopolitical tensions, unfavorable factors that would continue to have an impact, Liang said.
SEMICONDUCTORS: The German laser and plasma generator company will expand its local services as its specialized offerings support Taiwan’s semiconductor industries Trumpf SE + Co KG, a global leader in supplying laser technology and plasma generators used in chip production, is expanding its investments in Taiwan in an effort to deeply integrate into the global semiconductor supply chain in the pursuit of growth. The company, headquartered in Ditzingen, Germany, has invested significantly in a newly inaugurated regional technical center for plasma generators in Taoyuan, its latest expansion in Taiwan after being engaged in various industries for more than 25 years. The center, the first of its kind Trumpf built outside Germany, aims to serve customers from Taiwan, Japan, Southeast Asia and South Korea,
Gasoline and diesel prices at domestic fuel stations are to fall NT$0.2 per liter this week, down for a second consecutive week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) announced yesterday. Effective today, gasoline prices at CPC and Formosa stations are to drop to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said in separate statements. The price of premium diesel is to fall to NT$24.8 per liter at CPC stations and NT$24.6 at Formosa pumps, they said. The price adjustments came even as international crude oil prices rose last week, as traders
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which supplies advanced chips to Nvidia Corp and Apple Inc, yesterday reported NT$1.046 trillion (US$33.1 billion) in revenue for last quarter, driven by constantly strong demand for artificial intelligence (AI) chips, falling in the upper end of its forecast. Based on TSMC’s financial guidance, revenue would expand about 22 percent sequentially to the range from US$32.2 billion to US$33.4 billion during the final quarter of 2024, it told investors in October last year. Last year in total, revenue jumped 31.61 percent to NT$3.81 trillion, compared with NT$2.89 trillion generated in the year before, according to
PRECEDENTED TIMES: In news that surely does not shock, AI and tech exports drove a banner for exports last year as Taiwan’s economic growth experienced a flood tide Taiwan’s exports delivered a blockbuster finish to last year with last month’s shipments rising at the second-highest pace on record as demand for artificial intelligence (AI) hardware and advanced computing remained strong, the Ministry of Finance said yesterday. Exports surged 43.4 percent from a year earlier to US$62.48 billion last month, extending growth to 26 consecutive months. Imports climbed 14.9 percent to US$43.04 billion, the second-highest monthly level historically, resulting in a trade surplus of US$19.43 billion — more than double that of the year before. Department of Statistics Director-General Beatrice Tsai (蔡美娜) described the performance as “surprisingly outstanding,” forecasting export growth
RSS