Tax revenue slips 2.9 percent despite GDP growthBy Chen Cheng-hui / Staff reporterConventional wisdom holds that tax revenue increases amid a growing economy. Government statistics show that GDP expanded 3.11 percent year-on-year last year, but tax revenue fell 2.9 percent, following a 3.5 percent increase in the previous year. It was the first decline in 11 years, mainly due to decreased corporate income tax revenue and commodity tax revenue,” the Ministry of Finance said in a report on Saturday. The ministry reported preliminary tax revenue data for last year on Jan. 12, and it offered more accurate and detailed statistics on Saturday, including tax data from other government agencies and deferred tax revenue from December last year. Among all tax items, the securities transaction tax, business tax, tobacco and alcohol tax, and vehicle license tax generated the highest revenue on record last year, while the personal income tax, inheritance tax, customs duty and house tax reported the second-highest level on record, the report said.

Source: Taipei Times February 21, 2021 15:56 UTC