The government last month collected NT$253.6 billion (US$8.28 billion) in tax revenue, rising 0.4 percent from a year earlier on the back of corporate and personal income tax, as well as inheritance tax gains, the Ministry of Finance said yesterday.
Corporate income tax revenue spiked 70.3 percent to NT$7.8 billion, while personal income tax revenue grew 2.6 percent to NT$22.9 billion, the ministry told a news conference in Taipei.
Despite an economic slowdown, Taiwanese firms gained headway in earnings, increased employee wages and distributed sizeable cash dividends to shareholders compared with a year earlier, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Photo: Clare Cheng, Taipei Times
Revenue from tariffs soared 24.8 percent to NT$13.8 billion, aided by an increase in imported vehicles and processed food, she said.
In addition, inheritance tax revenue swelled 60.8 percent to NT$4.1 billion, while revenue from business taxes picked up 4.5 percent to NT$97.8 billion, she said.
The impressive showings offset retreats in securities transaction and land value increase tax revenues, which plunged 41.7 percent and 31.8 percent to NT$13.9 billion and NT$6.5 billion respectively, the ministry’s monthly report showed.
Bleak sentiment caused by global inflation and monetary tightening continued to take a toll on the local bourse and property transactions, Chen said.
Revenue from sales taxes dropped 0.3 percent to NT$14.1 billion, attributable to tariff cuts on imported raw materials and commodities to ease inflationary pressures, it said.
Cumulative tax revenue in the first 11 months of the year rose 13.6 percent to NT$3.8 trillion, the first time the NT$3 trillion mark has been crossed in the period and exceeding the budget target for the whole year by 13 percent, the official said.
Full-year excess tax revenue might be more than NT$450 billion, Chen said, adding that corporate, personal, inheritance, business and house tax revenues have already set full-year records.
However, revenue from sales, land value gain and securities transaction taxes are likely to miss their targets, although the TAIEX recovered some losses this month, she said.
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
Taiwan will prioritize the development of silicon photonics by taking advantage of its strength in the semiconductor industry to build another shield to protect the local economy, National Development Council (NDC) Minister Paul Liu (劉鏡清) said yesterday. Speaking at a meeting of the legislature’s Economics Committee, Liu said Taiwan already has the artificial intelligence (AI) industry as a shield, after the semiconductor industry, to safeguard the country, and is looking at new unique fields to build more economic shields. While Taiwan will further strengthen its existing shields, over the longer term, the country is determined to focus on such potential segments as
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
RSS