May tax rev­enue up 5.7%: Fi­nance Min­istry

The China Post - - TAIWAN BUSINESS - BY ENRU LIN

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

Down 20.8%

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.

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