Tax Revenues Rocket In Taiwan

July 11, 2014 Taxation in Taiwan

tax in taiwanTAIPEI – Tax collections are on the rise in Taiwan, growing by almost 17 percent over the first six months of this year.

In a statement issued on July 10th the Ministry of Finance of Taiwan announced that tax revenues in June this year were 16.9 percent higher than in the same month in 2013, while over the course of the first six month of 2014 tax revenues rose by 5.5 percent compared to the same period during the previous year.

In June tax revenues in Taiwan reached a total of TWD 379.4 billion, an increase of TWD 54.9 billion over the level reached in June 2013.

Over the first six months of the year a total of TWD 1.09 trillion was collected by tax authorities, approximately TWD 56.5 billion compared to the same time period in the previous year.

The increase in the collection of tax revenues over the first six months of the year was comprised of a TWD 27 billion rise in the revenues from business income tax, a TWD 11.4 billion rise in securities transaction tax, a TWD 8.2 billion increase in business tax, and growth of TWD 6.2 billion in goods tax.

Only the collection of personal income taxes saw a fall, dropping by TWD 8.3 billion over the first half of this year.

Photo By: Chris