May tax revenue up 5.7%: Finance Ministry
Tax collections in May totaled NT$293.2 billion, up 5.7 percent from the same month last year due mainly to increased corporate profits in 2014, the Ministry of Finance (MOF, ) said yesterday.
The latest tax data show that total revenue from January to the end of May reached NT$749.2 billion, an increase of 5.8 percent — or NT$40.8 billion — from revenue collected in the first five months of last year.
Hsu Ray- lin ( ) , deputy director of the Finance Ministry’s statistics department, attributed the gain to the increased profitability of Taiwan’s listed companies in 2014.
“This had resulted in growth in tax filings, both of individual and business income taxes,” Hsu said at a Taipei press conference.
Revenue from business income tax ( ) climbed 15.2 percent year- onyear to NT$ 77.6 billion in May, according to initial estimates. Cumulative revenue from January to May was NT$ 17.1 billion, up 25.8 percent from the same period last year.
In May, individual income tax ( ) revenue increased by 16.5 percent, or NT$6.3 billion, to NT$44.5 billion, taking total revenue in the first five months of the year to NT$144 billion: a 10.7-percent increase from the same period last year.
Hsu credited the increase in individual income tax revenue to greater corporate profit distribu- tions, regular wages and other sources of income.
Sales tax ( ) also increased in May — by 3.7 percent or NT$ 2.2 billion to NT$ 61.1 billion — and took total fivemonth revenue up 4.3 percent to NT$162.1 billion.
The Finance Ministry said the growth was due to stronger domestic consumption, revenue from banks and insurance companies and the global crude slowdown.
Land Value Tax Revenue
In May, revenue from the land value increment tax ( ) saw the sharpest decline, of 20.8 percent to NT$7.5 billion.
Cumulative land value increment tax revenue between Janu- ary and May stood at NT$40.7 billion, a decline of 11.2 percent. A total of 55,547 land value increment tax forms were filed in May, down 9,310 or 14.4 percent form the same period last year, the Finance Ministry said.
Meanwhile, revenue from import duties ( ) fell by 3 percent to NT$8.9 billion, while revenue from the securities exchange tax fell 5.9 percent to NT$7 billion. Revenue from the commodity tax ( ) declined by 0.9 percent in May to NT$15 billion.
The Finance Ministry reported that between January and May, local governments collected a total of NT$254 billion in tax revenue, up 1.7 percent or NT$4.3 billion from the same period last year.