Taiwan Rallys Towards Tax Goals
September 22, 2011 Taxation in Taiwan
TAIPEI – Taiwan is looking set to meet its annual tax revenue targets, and the Ministry of Finance reports significant growth in tax revenues throughout the year.
In a statement made at the start of the week the Ministry of Finance of Taiwan has revealed that the country is seeing a significant jump in tax revenues. According to the statement, the government’s official tax revenue goal for 2011 was set at TWD 1.695 trillion, and collections during the first eight month of the year have already reached 70 percent of the target.
For the months of August national tax revenues totaled TWD 116.3 billion, representing a 19.9 percent increase over revenues for the same month last year. The growth is the highest increase recorded in the last 13 years, and cumulative collections for the calendar year so far have reached TWD 1.1837 trillion, a 10.7 percent improvement over the same period in 2010.
Through the year, corporate income tax revenues grew by 23.9 percent, to a total of TWD 242.8 billion, the highest revenue level since 2008. Personal income tax revenues grew by a total of 15 percent for the first eight month of 2011, reaching TWD 256.8 billion. During the month of August personal income tax revenues jumped 40 percent, compared to August 2010. During the first 8 month of the calendar year commodity taxes grew to their highest level since 2007, reaching TWD 106.4 billion, and rising by 11.8 percent compared to the same period in 2010.
The Ministry’s statement indicated that the only taxes to have seen collections drops were heritage taxes and tobacco taxes, which were reported to have fallen by 14.9 percent and 1.4 percent respectively.