TAIPEI: Taiwan collected NT$1.95 trillion (US$61.02 billion) in tax revenues in 2014, the highest ever in the country’s history, according to figures released by the country’s Ministry of Finance here the other day.
Revenues from eight types of taxes hit new highs, including for individual income taxes (NT$408.3 billion), NT$322.6 billion (US$10.1 billion) from sales taxes and NT$172.2 billion (US$5.4 billion) from commodity taxes.
The figure for total revenues could still be adjusted upwards because tax revenue accounts for fiscal year 2014 will not be closed until Jan. 15, 2015.
The preliminary estimate would be NT$90.5 billion (US$2.8 billion) more than was originally budgeted, in sharp contrast to 2012 and 2013 when tax revenues fell NT$25.8 billion (US$810 million) and NT$29.6 billion (US$939 million) short of expectations, respectively.
