Despite Taiwan’s tax collections having shown increases in the last two months of the year, its 2009 annual revenue still fell by a record amount due to falls in sales and income taxes.
The Ministry of Finance (MOF) has announced that Taiwan’s tax revenue in 2009, at NTD1.52 trillion (USD47.8bn), or only 85% of its budget for the year, was its lowest since 2004. It also said that, while some of the revenue reduction was the result of the government’s tax cuts, most of it arose out of the economic recession.
Tax revenues fell by just over NTD241bn in 2009, of which only up to NTD50bn was the result of the tax cuts. Business income tax actually fell by NTD113bn (or 25%); personal income tax by NTD83bn (or 21%); and business turnover tax by NTD27bn (or 11%).
On the other hand, commodity tax and stock transaction tax income (on the back of increased stock exchange volumes) increased during the year, and were also the reason for tax collections rising in November and December 2009. Taiwan expected to collect over NTD100bn from the stock transaction tax during the year.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment