Tax revenue for last month hit record highs: ministry
By Crystal Hsu / Staff reporter
Taiwan’s tax revenue surged 35.8 percent year-on-year to NT$566.9 billion (US$17.25 billion) last month, driven mainly by higher corporate income tax and securities transaction tax receipts, the Ministry of Finance said yesterday.
Revenue from corporate income tax, individual income tax and securities transaction tax all reached record highs last month, as did total tax revenue, ministry statistician Liu Shun-rong (劉訓蓉) said at a news conference in Taipei.
Corporate income tax receipts rose 37.6 percent from a year earlier, while individual income tax revenue increased 24.3 percent and securities transaction tax receipts climbed 72.6 percent, the ministry said.
Ministry of Finance signage outside its building in Taipei is pictured on May 27 last year.
Photo: CNA
The strong performance reflected the benefits of robust global demand for artificial intelligence (AI) infrastructure, which has supported Taiwan’s technology sector and boosted corporate earnings and stock market activity.
Securities transaction tax receipts totaled NT$52.3 billion, the 15th consecutive month of annual growth, although the figure declined from September, Liu said.
The TAIEX extended its rally early last month, buoyed by easing concerns over US interest rates and continued enthusiasm for AI-related stocks. The benchmark index hit a record closing high of 49,822.55 points on Friday last week before reversing course as investors grew increasingly concerned about whether returns from heavy AI investments would justify the costs, Liu said.
The shift in market sentiment erased much of the earlier gains, with the TAIEX shedding 2,728.3 points, or 5.69 percent, over the month to close at 45,211.83.
Despite the late-month retreat, average daily trading value reached NT$1.121 trillion, up 78.9 percent from a year earlier, Liu said.
Revenue from most property-related taxes also increased last month, the ministry said.
Land value increment tax revenue rose 5.9 percent year-on-year to NT$5.6 billion, mainly reflecting an increase in large taxable transactions, it said.
In the first 10 months of this year, tax revenue was NT$4.14 trillion, equivalent to 91.4 percent of the annual budget target, the ministry said.
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