Tax revenue last month tumbled 72 percent year-on-year to NT$194.1 billion (US$6.11 billion), dragged by the different deadline for filing corporate and personal income taxes last year, the Ministry of Finance said yesterday.
Corporate and personal income tax revenue stood at NT$8 billion and NT$7.8 billion, diving 97.4 percent and 96.4 percent respectively from the levels last year when the government granted a one-month moratorium for income tax declaration to accommodate inconveniences caused by the COVID-19 pandemic, ministry statistics official Liang Kuan-shuan (梁冠璇) told an online news briefing.
“There is no need to worry about the retreats attributable to deadline adjustments,” Liang said.
Photo: Chang Chia-ming, Taipei Times
Tax revenue in the first seven months gained 9.2 percent to a record high of NT$2.29 trillion and ahead of the budget schedule by 15.6 percent, thanks to marked increases in revenue of corporate and personal income, business, stamp, tariff, house and car license taxes, she said.
The uptrend would likely be sustained as the nation’s economy is about to emerge from a slowdown and help energize business activity, Liang said, adding that the state coffers would also receive a boost from higher property and house taxes.
Securities transaction tax revenue, the main drag last year due to a bear market, spiked 57.1 percent to NT$22.3 billion, as the local bourse benefited from the global artificial intelligence boom.
Prices of local shares involved in supply of artificial intelligence hardware devices have more than doubled in recent months, Taiwan Stock Exchange data showed.
Daily stock turnover soared 69.3 percent year-on-year to NT$459.2 billion last month and has hovered at about similar levels so far this month, Liang said, adding that securities transaction tax revenue would beat the budget target by a big margin if that momentum sustains for the rest of this year.
Land value incremental tax revenue, a major gauge of property transactions, amounted to NT$6.9 billion, rising 7.6 percent from a year earlier, the ministry said.
Liang refrained from interpreting the increase as a recovery in the property market, saying longer observation would be necessary as the government has introduced a series of measures to curb property price hikes.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
STILL HOPEFUL: Delayed payment of NT$5.35 billion from an Indian server client sent its earnings plunging last year, but the firm expects a gradual pickup ahead Asustek Computer Inc (華碩), the world’s No. 5 PC vendor, yesterday reported an 87 percent slump in net profit for last year, dragged by a massive overdue payment from an Indian cloud service provider. The Indian customer has delayed payment totaling NT$5.35 billion (US$162.7 million), Asustek chief financial officer Nick Wu (吳長榮) told an online earnings conference. Asustek shipped servers to India between April and June last year. The customer told Asustek that it is launching multiple fundraising projects and expected to repay the debt in the short term, Wu said. The Indian customer accounted for less than 10 percent to Asustek’s
‘DECENT RESULTS’: The company said it is confident thanks to an improving world economy and uptakes in new wireless and AI technologies, despite US uncertainty Pegatron Corp (和碩) yesterday said it plans to build a new server manufacturing factory in the US this year to address US President Donald Trump’s new tariff policy. That would be the second server production base for Pegatron in addition to the existing facilities in Taoyuan, the iPhone assembler said. Servers are one of the new businesses Pegatron has explored in recent years to develop a more balanced product lineup. “We aim to provide our services from a location in the vicinity of our customers,” Pegatron president and chief executive officer Gary Cheng (鄭光治) told an online earnings conference yesterday. “We
LEAK SOURCE? There would be concern over the possibility of tech leaks if TSMC were to form a joint venture to operate Intel’s factories, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday stayed mum after a report said that the chipmaker has pitched chip designers Nvidia Corp, Advanced Micro Devices Inc and Broadcom Inc about taking a stake in a joint venture to operate Intel Corp’s factories. Industry sources told the Central News Agency (CNA) that the possibility of TSMC proposing to operate Intel’s wafer fabs is low, as the Taiwanese chipmaker has always focused on its core business. There is also concern over possible technology leaks if TSMC were to form a joint venture to operate Intel’s factories, Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺)