July tax revenue sets record
Taiwan News, Staff Writer
2014-08-12 02:41 PM

The Ministry of Finance released national tax statistics Monday with cumulative tax revenue from January to July coming in at NT$1.19 trillion, setting a year-on-year record. Cumulative January to July tax revenue for sales taxes, property taxes, special goods and services taxes (luxury taxes), estate and gift taxes, and licensing taxes all set records.

The Ministry of Finance optimistically forecasts the meeting of annual tax revenue targets. If performance for the remaining five months of 2014 continues to exceed the same period last year, targets are expected to be outstripped by approximately NT$30.3 billion.

Ministry of Finance statistics indicate, other than a decline in July’s individual income taxes and increment taxes on land value, growing domestic demand and positive export performance has led to growth in sales tax, business income tax, capital gains tax, customs duties, and excise tax.

July revenue from capital gains taxes totaled NT$9.6 billion, growing 34.7% year-on-year, and the highest result since September 2011. Cumulative January to July capital gains taxes totaled NT$54.1 billion, growing 34.3% year-on-year, and the highest result in three years.

July revenue from sales taxes totaled NT$58.9 billion, growing 7.2% year-on-year. Cumulative January to July sales taxes totaled NT$207.8 billion, growing 6.2% year-on-year, setting a year-on-year record. The primary contributors to July sales tax growth were imports and domestic consumption.

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