Tax revenue increases by 21% on corporation tax

ENHANCED BUSINESS:
Strong corporate tax revenue would give the national treasury a fiscal surplus of NT$300 billion this year, a finance ministry official said.

  • By Crystal Hsu / Staff Reporter

Tax revenue last month rose 20.9 percent year-on-year to NT$365.3 billion ($11.47 billion), mainly due to a corporate tax hike that offset lower taxes on securities and real estate transactions, the finance ministry said yesterday.

Corporate tax revenue rose 55% to NT$163.4 billion last month as companies generally reported improved business, although the country’s exports weakened, the official said. ministry.

In the first nine months of the year, corporate income tax revenue jumped 57% to NT$893.8 billion, with listed companies recording an annual gain of 12.83% of their combined income.

Photo: Clare Cheng, Taipei Times

Strong corporate tax revenue would give the national treasury a fiscal surplus of around NT$300 billion this year, although revenue from securities, property and sales taxes looks set to be at a premium. behind the targets, said Deputy Director General of the Statistics Department Chen Yu-feng. (陳玉豐) said.

Personal income tax revenue would also provide support, with revenue for the first three quarters of the year rising 29% to NT$562.9 billion, after rising 1.8% in the month. last to reach NT$44.2 billion, the ministry said.

Chen attributed the rise in personal income tax revenue to the extension of capital gains taxes to transfers of pre-sale housing contracts.

Sales tax revenue fell 16.3% to NT$12.2 billion after the government extended tariff cuts on imported oil, gas and diesel to curb inflation, Chen said. .

Last month, securities transaction tax revenue fell 29.1% to NT$12.6 billion, while land value tax revenue fell 15.6% to 6 billion NT dollars, with weak sentiment pushing people away, the ministry said.

Overall tax revenue last month rose 17.3 percent to NT$2.62 trillion, accounting for 96.4 percent of the planned budget for this year, the ministry said, adding that the next three months would bring generous tax surpluses in the state coffers.

Trade groups have been pushing for tax refunds to boost consumer spending as exports could head south amid a global slowdown.

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