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.
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
SPEED OF LIGHT: US lawmakers urged the commerce department to examine the national security threats from China’s development of silicon photonics technology US President Joe Biden’s administration on Monday said it is finalizing rules that would limit US investments in artificial intelligence (AI) and other technology sectors in China that could threaten US national security. The rules, which were proposed in June by the US Department of the Treasury, were directed by an executive order signed by Biden in August last year covering three key sectors: semiconductors and microelectronics, quantum information technologies and certain AI systems. The rules are to take effect on Jan. 2 next year and would be overseen by the Treasury’s newly created Office of Global Transactions. The Treasury said the “narrow
RSS