Tax Revenue Growth At Record Levels in Taiwan
April 14, 2011 Taxation in Taiwan
Taiwan is riding a wave of strong economic growth and seeing record high increases in its overall tax revenue collections for 2011.
Taiwan has enjoyed a quarter of record high tax revenues, with the first three months of the year seeing the government’s overall tax collections reaching TWD 309.9 billion (EUR 7.40 billion). These revenue figures were released by the Ministry of Finance in a statement on April 13th.
The tax revenues for the first quarter of 2011 are TWD 14.6 billion (EUR 348.68 million) above collections of taxes in the same period in 2010, representing a rise of 4.9 percent. According to the director-general of the Department of Statistics of Taiwan, the percentage increase is the highest on record since 2001. The rapidly growing revenues have been attributed to a robust expansion of the economy of the country, driven by healthy levels of private consumption and significant import levels.
According to the Ministry, revenues from sales taxes reached TWD 88 billion for the quarter, an increase of TWD 5.7 billion (EUR 136.12 million) compared to the collections in the same period in 2010. The overall sales tax figure is the highest ever recorded for one quarter in Taiwan. Collections of land revenue taxes reached TWD 22.9 billion (EUR 546.90 million), approximately TWD 4.3 billion above those seen in 2010. Excise taxes saw a TWD 5.2 billion increasing, reaching a revenue total of TWD 36.7 billion. Overall collections from personal income taxes were reported to have shrunk, falling by TWD 4 billion to TWD 63.8 billion. Corporate income tax collection also decreased by TWD 2.7 billion, to TWD 49 billion.
The government of Taiwan is currently forecasting overall tax revenues in 2011 to reach TWD 1.679 trillion, a level approximately TWD 57.2 billion above total collections for 2010.
Photo by ???