2022 tax revenue hit record high
The Ministry of Finance says tax revenue hit a new high last year and exceeded the budgeted amount by NT$495 billion - this, despite a sharp decline in revenue from stock transaction taxes. Total tax revenue for 2022 stood at NT$3.219 trillion. That figure was a year-over-year increase of 12% and 118.2% of the budgeted amount.
The finance ministry says the higher tax revenue was a result of record high collection of corporate and personal income taxes, as well as inheritance, tobacco and alcohol, and housing taxes and vehicle license fees.
Personal income tax revenue rose by 22.6% from a year earlier, while business tax revenue climbed 5.8%.
However, the government registered lower-than-expected revenues in 2022 from the securities transaction tax, commodity tax, and land value increment tax.
The largest decline was in the securities transaction tax, which saw a decline of 36.3% drop from a year earlier.