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September 22, 2017

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Net tax revenue reaches a record high

TAIPEI, Taiwan -- The government collected a record NT$104.1 billion in net tax revenue in July, representing 6.3-percent growth from last year, according to statistics released by the Ministry of Finance (MOF) yesterday.

For the first seven months of 2014, the government has collected NT$1.19 trillion, a 5.6-percent increase from the previous year and also a new record; the hike was a result of the growth in income taxes, business taxes and capital gains taxes.

According to the MOF's Department of Statistics (DOS), the tax revenues collected this July represented a NT$6.2 billion increase compared to last July, and the sum collected in the first seven months of this year was NT$62.7 billion more than last year; the increases not only set records, but also surpassed the government's approved budget allocation at 102.3 percent.

The DOS pointed out that of the NT$1.19 trillion in tax revenues, it collected NT$6.9 billion in gift taxes, NT$2.74 billion in luxury taxes, NT$4 billion in business taxes, NT$63.1 billion in housing taxes and NT$57 billion in license taxes — all of the aforementioned also topped all past records.

Compared with the tax revenues collected last July, the most pronounced increases were seen in the NT$4 billion growth in business tax collections, the NT$2.3 billion in business income taxes and the NT$2.5 billion in securities transaction taxes. However, there was a NT$2.8 billion drop in individual income tax collections.

An additional NT$29.3 billion in business income taxes, NT$13.8 billion in securities transactions taxes and NT$12.2 billion in business taxes can be observed in the net amount of tax revenues collected from January to July this year in comparison to the same seven months in 2013.

The DOS added that the dramatic increase in business income tax collections was due to the large number of supplementary payments made mainly in July.

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