Tax Revenues Peak in Taiwan

August 12, 2014 Taxation in Taiwan

TAIPEI – Tax revenues in Taiwan have reached record high levels over the first seven month of this year.

Tax revenues in Taiwan continue to rise, as tax collections over the month of July rose by 6.3 percent compared to collections seen over the same month during the previous year, according to new information released on August 11th by the Ministry of Finance of Taiwan.

The total tax collections for the first seven month of the current year reached TWD 1.192 trillion, an improvement of TWD 39.66 billion, or 5.6 percent compared to the same time period in 2013.

The increase in tax revenues was attributed to a rise in the collection of business income tax, which rose by 13.5 percent to reach a total of TWD 246.4 billion, and an increase in the collection of the income tax, which rose by 4.4 percent compared to the previous year.

The Ministry also specifically pointed out that business tax, house tax, vehicle license tax, gift tax, and special sales tax also reached the record high levels over the course of this year.

In its statement the Ministry also noted that while the collections of revenues from land value increment tax saw a rise of 3.7 percent, the number of filings for the tax dropped by 16.9 percent, indicating the first slow down in the property market since 2009.

Photo By: See-ming Lee