Government revenues down 40.1% year-on-year in January

The fall, the largest monthly decline since March 2007, was mainly the result of the economic downturn and a decrease in work days because of the Lunar New Year holiday, said Lin Li-chen, chief of the ministry's Department of Statistics.

All forms of tax revenue plunged in January. Sales tax revenue fell NT$25.2 billion, or 53.7 percent, year-on-year, securities transaction tax revenue declined by NT$6.9 billion, or 67.9 percent, and excise tax revenue was down NT$6.6 billion, or 60.7 percent.

Revenue from income tax fell by NT$5.1 billion, or 17.6 percent; and property value increment tax revenue slid by NT$3.3 billion, or 55.8 percent, Lin said.

If NT$17.1 billion in sales tax revenue and NT$3.2 billion in excise tax revenue that was collected but not added to the government's accounts because of the Lunar New Year holiday are included, the decrease in the two categories of revenue will narrow to 17.2 percent and 31.2 percent, respectively, she said.

If these revenues were included in the monthly total, the January year-on-year drop-off would have been 23.8 percent. Instead, the uncounted revenues will be added to the government's February accounts.

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