Taiwan’s tax revenue totaled NT$491.4 billion (US$16.46 billion) in June, up 43.2 percent year-on-year, driving general revenue from January to June to NT$1.403 trillion, the highest ever over the same period, according to the Ministry of Finance (MOF).

The largest source of income was corporate income tax, which soared by 77.7 percent from a year earlier, or an increase of NT$158.1 billion, to NT$361.5 billion, setting a new June record, the ministry said Tuesday.

The increase was mainly due to significant growth in the profits of listed companies and the large tax refunds granted to business entities last year, Chen Yu-feng (???), deputy director-general of the ministry’s Department of Statistics, told a virtual press conference.

Another major increase came from personal income tax, which grew by 21.9 percent from the previous year to NT$43.3 billion, ministry data showed.

With additional increases in tariff revenue, business tax, inheritance tax, house tax, and vehicle license tax, the national treasury increased by 13.5 percent in the first six months of the year to NT$1.403 trillion, a record high, the ministry said.

However, securities transaction tax revenue fell by 43 percent year-on-year to NT$15.4 billion in June, marking the sixth consecutive monthly decline, with daily trading turnover on the local bourse averaging NT$286.8 billion in June, compared with NT$544 billion a year earlier, according to the ministry.

The revenue from securities transaction tax in the first six months of this year fell by 30.4 percent from a year earlier to NT$95.2 billion, the biggest year-on-year drop over the past 16 years, the ministry said.

Chen said tax revenue from securities transactions will likely decline further in the second half of the year as global inflationary pressure continues to rise and especially in the wake of the U.S. Federal Reserve’s decision to tighten monetary policy which could cause volatility around the globe.

Source: Focus Taiwan News Channel