Tax revenue increases 21% on corporate income taxIMPROVED BUSINESS: The robust corporate income tax revenue would give the national treasury a tax surplus of NT$300 billion this year, a Ministry of Finance official saidBy Crystal Hsu / Staff reporterTax revenue last month expanded 20.9 percent year-on-year to NT$365.3 billion (US$11.47 billion), driven mainly by a spike in corporate income taxes that offset declines in securities and property transaction taxes, the Ministry of Finance said yesterday. Corporate income tax revenue swelled 55 percent to NT$163.4 billion last month, as companies generally reported an improvement in business, although the nation’s exports faltered, the ministry said. In the first nine months of the year, corporate income tax revenue surged 57 percent to NT$893.8 billion, as listed companies posted a 12.83 percent annual gain in combined revenues. Chen attributed the advance in personal income tax revenue to the extension of capital gains taxes to transfers of presale housing contracts. Securities transaction tax revenue last month tumbled 29.1 percent to NT$12.6 billion, while land value increment tax revenue fell 15.6 percent to NT$6 billion, as weak sentiment drove people to the sidelines, the ministry said.

Source: Taipei Times October 13, 2022 08:51 UTC