Tax revenue holding up despite Covid-19
By ECCT staff writers
The Taiwan government’s tax revenues have continued to rise despite the hit to the economy from the ongoing coronavirus pandemic. According to a press release from the Ministry of Finance (MOF), for the month of April 2020, total net tax revenue was NT$119.1 billion, which is 6.1% higher than the same month last year, while cumulative tax revenues for the first four months of the year reached NT$519.6 billion, up 9.2% from the same period in 2019.
According to the news release, while the tax revenue from most sources rose, there was a small decline in revenues from businesses. The release notes that individual income tax increased NT$21.9 billion, business tax increased NT$14.1 billion and securities transaction tax increased NT$10.2 billion in the first four months of the year. However, tax revenue from profit-seeking enterprises decreased by NT$6.0 billion during the same period.