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Taiwan's National tax income hit new high of NT$1.77 trillion in 2011.

Taipei, Feb. 10, 2012 (CENS) -- The national tax income hit NT$1.77 trillion in 2011 in Taiwan, a record high, when the national taxation burden rate reached 12.8%, up one percentage point over 2010, a three-year high, reported the Ministry of Finance (MOF) yesterday (Feb. 9).

The national taxation burden rate refers to the share of taxation income in gross domestic product. Taiwan's national taxation burden amounted to 11.9% in 2010, the third lowest ever and the lowest worldwide in that year.

Hsu Jui-lin, deputy chief statistician of the MOF, pointed out that the government has set a budgeted taxation income of NT$1,822.5 billion for 2012, up NT$57.9 billion over the actual taxation income in 2011.

Hsu attributed the record amount of taxation income last year to two major factors. Thanks to the 10.72% economic growth rate in 2010, corporate income tax advanced to NT$367.2 billion, the third highest ever. Meanwhile, with upturn in private consumption, the government collected NT$283.9 billion of business tax, a record high.

Incomes from land price tax, housing tax, and license tax all reached record highs in 2011, while personal income tax contributed NT$343 billion to the national coffers, the third highest ever.

Last year's taxation income of NT$1,764.6 billion is NT$142.4 billion higher than the 2010 level and exceeds, for the second straight year, the budgeted taxation income by NT$68.7 billion.

Due to the Chinese Lunar New Year holiday, taxation income in January reached only NT$93.4 billion, NT$21.8 billion less than a year earlier, with business tax and securities transaction tax suffering the larger reduction.
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Author:Liu, Philip
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Feb 10, 2012
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