Tax revenue for first 8 months hits all-time high: ministry

2017/09/11 23:05:10 fontsize-small fontsize-default fontsize-big
CNA file photo

CNA file photo

Taipei, Sept. 11 (CNA) The government collected NT$1.50 trillion in tax revenues during the first eight months of this year, according to data released by the Ministry of Finance (MOF) on Monday.

According to the MOF, the figure was up 2.3 percent from the same period a year earlier and was the highest amount of revenue for the January to August period in the country's history.

Among the main sources of tax revenues were value-added taxes (VAT, NT$241.4 billion), corporate income taxes (NT$308.5 billion), personal income taxes (NT$387.0 billion), excise taxes (NT$117.6 billion), tobacco surcharges (NT$26.6 billion), and land value increment taxes (NT$61.5 billion).

VAT revenue rose 1.4 percent year-on-year, primarily due to increases in domestic consumption and higher tax revenues from sales of imported oil and coal, according to the ministry.

Corporate income taxes fell 1.1 percent year-on-year to NT$308.5 billion for the first eight months, which MOF attributed to high tax rebates, and individual income taxes were down 0.5 percent because of lower tax payments and higher tax refunds.

The MOF noted that revenue from VAT, land and house taxes, vehicle license taxes, estate and gift taxes, and the tobacco surcharge all hit record highs for the first eight months of the year.

However, the MOF estimated that revenues from securities transaction taxes and commodity taxes may not reach government targets, making it uncertain if overall tax revenues will rise this year.

The ministry said income taxes will hold the key to whether Taiwan's tax revenues for the year as a whole will rise or fall.

(By Chiu Po-sheng and Kuan-lin Liu)

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