TAX NEWS - June 2010

Taiwan Tax Revenue in May Up 39.7% On Improving Business Activity

Taiwan tax revenue in May rose 39.7% from a year earlier to NT$269.87 billion, as business activity continued to improve amid the economic recovery, the Ministry of Finance said in a statement Thursday.

Corporate income tax revenue in May surged 95.6% from a year earlier to NT$96.67 billion, the statement said.

Business tax revenue jumped 36.7% from a year earlier to NT$48.16 billion in May, as recovering consumer confidence boosted retail and wholesales sales, the ministry said.

However, securities transactions tax revenue shrank 29.2% from a year earlier to NT$8.0 billion in May, because Europe's fiscal woes prompted investors to minimize trading of risk-sensitive assets, including stocks, the ministry said.