The national treasury last month collected NT$293.2 billion (US$10.58 billion) in tax revenue, an increase of 28.5 percent from a year earlier, as all tax categories posted strong gains on the back of economic improvement, the Ministry of Finance said yesterday.
Corporate income tax revenue soared 52.3 percent to NT$21.6 billion, while personal income tax revenue increased 17.8 percent to NT$29.4 billion, the ministry’s monthly report showed.
The gains were due to companies and individuals filing income taxes before a moratorium amid a COVID-19 outbreak was introduced last month, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) told an online news conference in Taipei.
Photo: Allen Wu, Taipei Times
The ministry extended the deadline for tax filing from Monday last week to June 30, after health authorities on May 14 raised the nationwide COVID-19 alert to level 3 and urged people to stay home.
The ministry introduced the same respite last year to give companies and individuals affected by the health crisis more time to tackle the financial burden, Chen said, adding that the comparison base was therefore relatively low.
Local firms in a variety of sectors posted profit growth this year, thanks to inventory-building demand propelled by expectations that the world is to emerge from the COVID-19 pandemic later this year.
Business tax revenue increased 19 percent to NT$85.5 billion, while sales tax revenue jumped 36 percent to NT$17 billion, the ministry said.
The government’s business climate monitor has flashed “red” for the past three months, reflecting a boom in Taiwan’s export-focused economy.
Securities transaction tax revenue grew more than twofold to NT$29.4 billion as daily turnover spiked to a record NT$578.1 billion, Chen said.
Day trading in the past few weeks contributed more than 30 percent, Taiwan Stock Exchange data showed.
Land increment tax revenue increased 25.3 percent to NT$10.9 billion, as the number of taxable cases rose 32.3 percent to 64,525, Chen said.
The robust showing suggested active trading, she said, refuting speculation that the trend was linked to an increase in selling pressures due to upcoming property tax increases.
Starting next month, houses — including presale contracts — resold within five years of purchase are subject to taxes of 35 to 45 percent, in line with the government’s effort to curb short-term property speculation.
Housing transactions picked up in New Taipei City, Taoyuan, Hsinchu, Tainan and Kaohsiung, Chen said, citing government data.
For the first five months of this year, tax revenues totaled NT$893.2 billion, a 19.4 percent increase from the same period last year and ahead of the budget schedule by 13.1 percent, the ministry said.
SEMICONDUCTOR SERVICES: A company executive said that Taiwanese firms must think about how to participate in global supply chains and lift their competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it expects to launch its first multifunctional service center in Pingtung County in the middle of 2027, in a bid to foster a resilient high-tech facility construction ecosystem. TSMC broached the idea of creating a center two or three years ago when it started building new manufacturing capacity in the US and Japan, the company said. The center, dubbed an “ecosystem park,” would assist local manufacturing facility construction partners to upgrade their capabilities and secure more deals from other global chipmakers such as Intel Corp, Micron Technology Inc and Infineon Technologies AG, TSMC said. It
People walk past advertising for a Syensqo chip at the Semicon Taiwan exhibition in Taipei yesterday.
NO BREAKTHROUGH? More substantial ‘deliverables,’ such as tariff reductions, would likely be saved for a meeting between Trump and Xi later this year, a trade expert said China launched two probes targeting the US semiconductor sector on Saturday ahead of talks between the two nations in Spain this week on trade, national security and the ownership of social media platform TikTok. China’s Ministry of Commerce announced an anti-dumping investigation into certain analog integrated circuits (ICs) imported from the US. The investigation is to target some commodity interface ICs and gate driver ICs, which are commonly made by US companies such as Texas Instruments Inc and ON Semiconductor Corp. The ministry also announced an anti-discrimination probe into US measures against China’s chip sector. US measures such as export curbs and tariffs
The US on Friday penalized two Chinese firms that acquired US chipmaking equipment for China’s top chipmaker, Semiconductor Manufacturing International Corp (SMIC, 中芯國際), including them among 32 entities that were added to the US Department of Commerce’s restricted trade list, a US government posting showed. Twenty-three of the 32 are in China. GMC Semiconductor Technology (Wuxi) Co (吉姆西半導體科技) and Jicun Semiconductor Technology (Shanghai) Co (吉存半導體科技) were placed on the list, formally known as the Entity List, for acquiring equipment for SMIC Northern Integrated Circuit Manufacturing (Beijing) Corp (中芯北方積體電路) and Semiconductor Manufacturing International (Beijing) Corp (中芯北京), the US Federal Register posting said. The
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