Tax revenue last month decreased by 5.3 percent from a year earlier to NT$808.3 billion (US$24.9 billion), shrinking for the second straight month, as the retreat in corporate income tax revenues outpaced revenue gains from personal income and securities transaction taxes, the Ministry of Finance said yesterday.
Revenue from corporate income tax totaled NT$357 billion, reflecting a 19.4 percent fall valued at NT$86.2 billion, as non-tech sectors continued to get hit by a global slowdown, ministry statistician Liu Shun-rong (劉訓蓉) said.
The drop is bigger than the combined revenue increases from personal income and securities transaction taxes, which grew by NT$28.4 billion and NT$7.9 billion to NT$344.4 billion and NT$27.6 billion respectively, he said.
Photo: Clare Cheng, Taipei Times
Liu attributed increases in personal income tax revenue to higher interest income, earnings and gains from property transfers.
The rise in securities transaction tax revenue was clearly due to the TAIEX’s 8.8 percent rally, despite some corrections toward the end of the month, as well as a 40.2 percent spike in daily turnover to NT$561.5 billion, Liu said.
The impressive showings had much to do with the participation of Nvidia Corp CEO Jensen Huang (黃仁勳) in technology trade show Computex Taipei and price hikes by chipmaker Taiwan Semiconductor Manufacturing Co (台積電).
Revenue from land value increment tax amounted to NT$7 billion, suggesting a 5.8 percent growth from a year earlier, as housing continued to benefit from the government’s subsidy for first-home purchases and the wealth effect inflated by TAIEX rallies, Liu said.
Cumulative tax revenues expanded 2 percent to NT$2.1 trillion in the first six months from a year earlier and continued to be ahead of the ministry’s budget by 11.1 percent, the official said.
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
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
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
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS