The government last month collected NT$220.2 billion (US$7.44 billion) in tax revenue, down NT$261.1 billion, or 54.3 percent, from a year earlier, Ministry of Finance data showed.
The biggest decrease was in personal income tax revenue, which fell by NT$180.5 billion year-on-year, or 97.9 percent, to NT$3.9 billion, as the government extended the tax filing deadline from the end of May to the end of last month due to the COVID-19 pandemic, which led to part of the tax revenue not being recorded, although the first batch of tax refunds was already booked, the ministry said in a statement on Thursday.
For the same reason, corporate income tax revenue also dropped by NT$85.9 billion, or 39 percent, to NT$134.1 billion, the ministry said.
Business tax revenue decreased by NT$5.2 billion and commodity tax revenue declined by NT$1.2 billion from a year earlier, but securities transaction tax revenue increased by NT$6.4 billion, as local equity markets’ average daily turnover was higher than a year earlier, it said.
In the first six months of the year, cumulative tax revenue fell by NT$397.6 billion, or 29.1 percent, to NT$968.1 billion compared with the same period last year, ministry data showed.
The January-to-June figure accounted for 72.2 percent of the government’s target for the first six months of this year, as increases in revenues from securities transactions and business taxes were offset by decreases in revenues from corporate income, individual income, house and commodity taxes, the ministry said.
Tax revenue from securities transactions in the first six months rose by NT$19.9 billion, or 48.3 percent, year-on-year to NT$61 billion as the daily trading turnover on the local bourse averaged NT$200.3 billion over the period, up from NT$133.1 billion a year earlier, ministry data showed.
Business tax revenue totaled NT$201.6 billion in the first six months, up NT$7.1 billion, or 3.7 percent, from a year earlier, while revenue from land value increment tax increased by NT$1.2 billion, or 2.4 percent, to NT$49.9 billion, the data showed.
However, corporate income tax revenue fell by NT$243.3 billion, individual income tax revenue decreased by NT$174.5 billion, commodity tax revenue declined by NT$5 billion and house tax revenue dropped by NT$4.8 billion, it showed.
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