Tax revenue last month shrank 1.9 percent from a year earlier to NT$609.8 billion (US$18.83 billion), dragged mainly by a double-percentage point retreat in tax revenue from corporate income, as some sectors remain affected by a global slowdown, the Ministry of Finance said yesterday.
Taiwanese companies and individuals were required to file income taxes by the end of last month for earnings from the previous year.
Tax revenue from corporate income fell 14.6 percent to NT$272.8 billion, while tax revenue from personal income rose 12.5 percent to NT$66.5 billion, aided by income from interest and capital gains linked to property transfers, ministry statistician Liu Shun-rong (劉訓蓉) said.
Photo: CNA
The decline in corporate income tax revenue is not worrying, as it was largely offset by increases in tax revenue from securities and property transactions, Liu said.
Tax revenue from stock sales surged 73 percent to NT$27.5 billion on the back of a 71.9 percent advance in daily turnover to NT$532.8 billion last month, the ministry said.
The TAIEX rose to fresh highs last month as shares of Taiwanese companies in Nvidia Corp’s supply chain were bolstered by the US chip giant’s strong earnings and positive outlook, Liu said.
The property market was another bright spot as evidenced by a 33.7 percent spike in land value increment tax revenue that swelled to NT$8.3 billion last month, she said.
The government’s interest subsidy for first-home buyers played a part in motivating buyers with real demand to join the market and augmenting mortgage operations, she said.
In the first five months, the ministry accumulated NT$1.33 trillion of tax revenue, a 6.9 percent increase from the same period last year and 12.6 percent ahead of its budget schedule for this year.
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