Taiwan’s tax revenue declines in Q1

Focus Taiwan
Date: 2016/04/13
By: Chiu Po-sheng and Romulo Huang

Taipei, April 13 (CNA) Taiwan’s net tax revenue totaled NT$345.5 billion (US$10.67 billion) in the first quarter of this year, representing a decline of 2.2 percent or NT$7.9 billion from the same period last year, the Ministry of Finance said Wednesday.

The cumulative total net tax revenue for the first three months of 2016 accounted for only 95.4 percent of the distributed budget, falling short by NT$16.6 billion, the ministry said.

In the breakdown, income tax revenue from business enterprises suffered the biggest year-on-year decline of 68.6 percent, falling by NT$7.2 billion, in the first quarter of this year.

Land value increment tax revenue dropped 35.9 percent or NT$9.4 billion, while the individual income tax revenue decreased by 1.7 percent or NT$1.3 billion.     [FULL  STORY]