Taiwan’s total tax revenue fell 1.9 percent year-on-year to NT$415.2 billion (US$13.5 billion) last month, as declines in corporate income and land value increment taxes outweighed gains from securities transaction levies, the Ministry of Finance (MOF) said yesterday.
Corporate income tax receipts dropped 7.5 percent to NT$175.3 billion from a year earlier, mainly because some provisional payments have yet to be booked, ministry official Liu Shun-rong (劉訓蓉) said in an online briefing.
The delay stemmed from the government’s decision to give businesses more time to cope with uncertainties arising from the US’ tariff measures, Liu said.
Photo: CNA
The relief measure adds uncertainty to this year’s fiscal outlook, as cumulative tax revenue in the first nine months totaled NT$2.87 trillion — down 2.5 percent from a year earlier and 6.5 percent short of the annual target, she said.
“Things might become clearer next month,” Liu added.
In contrast, robust trading activity on the local bourse buoyed securities transaction tax collections. Average daily turnover jumped 43.4 percent to NT$600.6 billion from NT$418.8 billion a year earlier, lifting tax revenue from this category by 52.6 percent to NT$31.2 billion — the second straight month of double-digit percentage growth, Liu said.
Property-related tax revenue continued its slump amid subdued real-estate transactions.
Land value increment tax revenue tumbled 40 percent year-on-year to NT$4.4 billion — the lowest since March 2016 and the seventh consecutive month of double-digit declines, she said.
The weakness was most evident in Taipei, New Taipei City and Kaohsiung, as the central bank’s tightened mortgage rules further dampened buying interest, Liu said.
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