TAIPEI: Tax revenues last month fell for the first time this year as the national treasury collected NT$193.1 billion (US$5.93 billion) a drop of 14.3 percent from the same period a year earlier, as an economic slowdown weighed on corporate and personal incomes, the Ministry of Finance said yesterday.
Corporate income slumped 38.4 percent year-on-year to NT$39.5 billion, while personal income dropped 5.6 percent to NT$38.9 billion, as companies and individuals reported less earnings amid a global slowdown, the ministry said.
“The slowdown is affecting tax revenues as evidenced by persistent falls in securities, property and car transactions,” a ministry official said.
New car licenses plunged 27.4 percent to 25,226 units last month, reducing commodity taxes on locally made cars by 15.8 percent, the ministry’s report said.
However, commodity taxes on imported cars increased 13.8 percent, the ministry said, as a weak yen and euro continued to spur demand.
Securities transactions taxes lost an extra 4.1 percent last month to NT$6.2 billion, reflecting a lack of confidence on the part of investors, the report said.
Revenue from property taxes fell 5.8 percent to NT$6.8 billion, while deals dropped 2.3 percent, the report said.
