The government last month collected NT$349.8 billion (US$10.79 billion) of tax revenue, soaring 50.9 percent from a year earlier, helped by solid gains in corporate and personal income as well as securities transactions taxes, the Ministry of Finance said yesterday.
Revenue from corporate income tax surged 73.2 percent year-on-year to NT$241.2 billion, as major local technology companies posted big increases in shipments of electronics used in artificial intelligence, ministry statistics official Liang Kuan-hsuan (梁冠璇) told a news conference in Taipei.
The significant rise in corporate income tax revenue was also due to a low comparison base from a year earlier, when temporary tax payment measures were suspended, Liang said.
Photo: Clare Cheng, Taipei Times
Revenue from personal income tax rose 15.8 percent to NT$46.7 billion, as people received higher cash dividends from their investments in listed firms and from transfers of real-estate properties, she said.
The central bank’s credit controls in September prompted some investors to exit the housing market to avoid potential price corrections, she said.
As a result, revenue from the land value increase tax was NT$7 billion, a 22.1 percent increase from a year earlier, the ministry’s report said.
The tax is paid when people resell houses.
Revenue from securities transactions rose 38.3 percent year-on-year to NT$431.1 billion as investors benefited from Taiwan Semiconductor Manufacturing Co’s (台積電) strong third-quarter earnings and positive outlook ahead of last week’s US presidential election, Liang said.
In the first 10 months, cumulative tax revenues rose 9 percent year-on-year to NT$3.3 trillion and already met the target set for the whole of this year, she said.
Overall excess tax revenue could reach NT$400 billion at the end of this year, she added.
Policymakers tend to be conservative when preparing the revenue budget to avoid a shortfall.
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
Zimbabwe’s ban on raw lithium exports is forcing Chinese miners to rethink their strategy, speeding up plans to process the metal locally instead of shipping it to China’s vast rechargeable battery industry. The country is Africa’s largest lithium producer and has one of the world’s largest reserves, according to the US Geological Survey (USGS). Zimbabwe already banned the export of lithium ore in 2022 and last year announced it would halt exports of lithium concentrates from January next year. However, on Wednesday it imposed the ban with immediate effect, leaving unclear what the lithium mining sector would do in the
RSS