Tax revenue last month increased 11.5 percent from a year earlier to NT$216.5 billion (US$6.67 billion), supported by delayed corporate income tax filing, as well as increases in securities transaction and business taxes, the Ministry of Finance said yesterday.
Corporate income tax revenue spiked 29.5 percent year-on-year to NT$10.4 billion, as bad weather late last month led some companies to postpone filing their taxes, the ministry said.
WEAK MANUFACTURING
Photo: Clare Cheng, Taipei Times
In the first seven months of the year, revenue from corporate income tax shrank 16.3 percent to NT$128.5 billion, as most manufacturing sectors continued to take a hit from weak demand amid a global economic slowdown, it said.
Personal income tax revenue grew 7.3 percent to NT$8.4 billion, as revenue from house sales offset the decline in revenue from personal income, the ministry said.
Likewise, personal income tax revenue picked up 11.2 percent to NT$589 billion in the first seven months, as a sizable number of people reaped a windfall from a housing boom and paid more income taxes linked to property deals, it said.
Tax revenue from securities transactions last month soared 41.1 percent annually to NT$31.5 billion, thanks to a hefty 27.4 percent advance in the average daily turnover to NT$585 billion, the ministry said.
The upswing came as foreign institutional players and proprietary traders dumped tech shares in the second half of last month, while mutual funds raised stakes, it said.
HOME BUYING
Tax revenue from land value gains rose 17.8 percent to NT$8.1 billion last month, as the home-buying zeal remained unabated and housing deals in the six special municipalities increased 11.6 percent last month from a year earlier, the ministry said.
As of last month, cumulative tax revenue totaled NT$2.35 trillion, representing a 2.8 percent increase from the same period last year and staying ahead of the government’s budget schedule by 9.6 percent, it said.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook
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