Tax Revenues on the Up in Taiwan, But Not By Enough
December 11, 2013 Taxation in Taiwan
TAIPEI – Tax collections in Taiwan have grown compared to last year, but the increase was not enough to meet the government’s own revenue targets.
On December 10th the Ministry of Finance of Taiwan issued a press release stating that over the first 11 month of the 2013 year rose by 1.2 percent compared to the same period in 2012, reaching a total of TWD 1714 trillion.
Despite the overall positive results, the Ministry of Finance noted that the growth in tax revenues of TWD 21 billion was below the government’s forecast of 39 billion.
According to the Ministry, the total tax collections for the month of November were TWD 170 billion, approximately TWD 7 billion, or 4.6 percent, more than during the same month in the previous year.
If the level of tax collections during the month of December remains the same as in 2012, the cumulative revenues for the 2013 calendar year will be approximately TWD 45 billion below the government’s target.
The Ministry noted that over the last quarter the collection taxes has shown a marked growth, giving some hope that collections will grow enough during the month of December to raise collections to the same level as the government’s target.
Taxation experts have already attributed the below-expectation growth in tax collections to a slow down of the national economy, pointing to a decrease seen in the collection of securities transaction, along with personal and corporate income taxes.
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