Government unlikely to meet tax revenue target this year: top auditor
CNATAIPEI -- Tax revenue is not expected to meet government goals largely due to weak economic activity and numerous tax incentives, but the country's finances are not in jeopardy, Taiwan's top auditor said yesterday.
September 27, 2013, 12:08 am TWN
Taking questions from lawmakers who will confirm or reject his nomination to a second six-year term, Auditor-General Lin Ching-long said that as of the end of July this year, the government had collected NT$50 billion less in taxes than originally estimated.
The figure is only a small portion of the Ministry of Finance target of NT$1.86 trillion in tax revenues this year, though Lin admitted that the annual goal is now looking unlikely.
Even so, Taiwan's debt level remains lower than many other countries, including Japan, he reassured lawmaker Hsu Chung-hsin, who asked if deteriorating government finances would damage confidence in the New Taiwan dollar.
Lin also took time to map out several targets for his agency, including amending regulations to facilitate cross-agency coordination in auditing as well as the improvement of oversight on major infrastructure projects.
He announced a plan to disclose the budget and actual expenditures for key infrastructure projects once they are completed to allow for closer scrutiny of everything from planning to execution.
Lin needs the confirmation of over half of the Legislature's 112 lawmakers to earn a second term as auditor-general. The 113-seat Legislature has been short one member since July, when People First Party lawmaker Lin Cheng-er lost his seat after being convicted of vote buying.