Tax revenue last month grew 4.6 percent year-on-year to NT$265.3 billion (US$8.42 billion), thanks to increases in personal income and securities transaction tax revenue, although tax revenue from corporate income declined, the Ministry of Finance said yesterday.
Personal income tax revenue rose 16.7 percent to NT$26.7 billion on the back of interest income gains, whereas corporate income tax revenue shrank 14 percent to NT$6.7 billion due to an increase in tax returns, said Liang Kuan-hsuan (梁冠璇), a statistics official at the ministry.
Business tax revenue grew 8.6 percent to NT$106.2 billion, as financial institutions benefited from interest rate hikes at home and abroad, Liang said.
Photo: Clare Cheng, Taipei Times
Securities transaction tax revenue rose 27.5 percent to NT$17.7 billion as daily stock turnover on the local bourse grew 27.1 percent to NT$347 billion on average last month, she said.
There have been liquidity-driven rallies on the local bourse recently, in line with market expectations that the US monetary tightening cycle is likely over, which has encouraged technology firms to rebuild inventories, benefiting local firms in their supply chains, she said.
A slowdown in the property market also seems to have come to an end, explaining why the number of taxable cases climbed 13.8 percent to 47,803, with revenue from the tax category contracting a mild 4.9 percent to NT$6.2 billion, Liang said.
In the first 11 months of the year, the state collected NT$3.29 trillion in tax revenue, a year-on-year increase of 6.8 percent, she said, adding that the budget for this year has already been surpassed by NT$217.5 billion, she said.
For the whole of this year, excessive tax revenue could amount to NT$361 billion to NT$380 billion, she added.
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