Tax revenues from securities trading hit NT$54.1 bil.
By Kathryn Chiu ,The China Post
August 30, 2014, 12:00 am TWN
TAIPEI, Taiwan -- Tax revenues in the first seven months reached a new high of NT$1.19 trillion, with securities trading tax revenues surging 34.3 percent to hit a three-year high of NT$54.1 billion.
Taiwan's tax income during the period year to July totaled NT$1.19 trillion, the highest of its kind for the same period. Last year total tax revenues posted NT$1.83 trillion.
Tax revenues for 2014 are expected to exceed the goal by NT$30.3 billion as long as tax collections improve further in the remaining five months, according to The Ministry of Finance (MOF,財政部). The MOF sets the annual goal for 2014 tax revenues at NT$1.87 trillion.
In January-July, business, housing, luxury, inheritance/donation and licensing taxes all saw record highs in revenues with annual growth ranging from at least 2 percent to nearly 9 percent.
In July alone, the securities trading tax revenues jumped 34.7 percent from a year earlier to NT$9.6 billion, and in the first seven months the revenues surged 34.3 percent to a three-year high of NT$54.1 billion.
In the same month business tax revenues totaled NT$58.9 billion, up 7.2 percent year-on-year, with first-seven-month revenues reaching NT$207.8 billion for a 6.2 percent rise year on year (YOY) to suggest a robust domestic market.
Due to the first-stage tax refunds to taxpayers in July, the consolidated income tax revenues dropped NT$19.6 billion in the month. The land value increment tax revenues dropped 18.2 percent to NT$8.2 billion the same month due to a fall of 16.9 percent in collection.
Government Overextends By NT$125 bil. in 2013
The central government has posted a budget deficit of over NT$125.3 billion for fiscal 2013, the National Audit Office (審計部) announced recently. Total expenditures reached over NT$1.85 trillion, exceeding total government revenues of over NT$1.73 trillion by NT$125.3 billion for the year.
The government-issued bonds and borrowed funds totaling NT$77 billion to repay the overall national debt, leaving it with total debts in excess of NT$202.3 billion for the year, according to the Audit Office.
Taiwan's tax revenues reached NT$1.0878 trillion in the first half of the year, up 5.5 percent YOY to be the highest of its kind on record, according to the statistics released by the MOF.
Business tax revenues increased 5.8 percent or NT$8.2 billion from a year earlier to a record high of NT$149 billion, with business income tax revenue up 12.6 percent to 241.9 billion for a new high since 2009.
Such soaring tax revenues are attributed to encouraging performance of the more than 1,500 listed companies that generated combined pretax profits of NT$1.9 trillion for a sharp annual growth of 40 percent, hence tax revenues totaling NT$190.3 billion this year.