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May, 1, 2016

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Tax revenues hit new record in first half of 2014, reaching NT$1.878 trillion

TAIPEI, Taiwan -- Up to NT$1.878 trillion in tax revenues were collected in the first half of 2014, hitting a new record for the same period over past years, the Ministry of Finance (MOF) said yesterday.

 The tax collections represented a 5.5-percent growth compared with the same period last year. Tax collections of various types, including business tax, housing tax and license tax, reached new records.

 The MOF collected NT$149 billion in business tax, NT$62.26 billion in housing tax, NT$56.19 billion in license tax, NT$5.81 billion in gift tax and NT$2.27 billion in luxury tax. These all hit new records, according to Hsu Ray-lin (許瑞琳), deputy director of the MOF's statistics department.

 Compared with a year ago, business income tax collections grew by NT$27 billion, securities transaction tax collections grew by NT$11.4 billion, business tax collections grew by NT$8.2 billion and goods tax collection grew by NT$6.2 billion.

 All this collection increase is likely to offset a decrease of NT$8.3 billion in individual income tax collection.

 With such a high level of tax collection, the MOF is likely to reach its budget target this year, putting an end to tax collection shortages of the past; shortages that represented NT$25.8 billion in 2012 and NT$9.6 billion in 2013.

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