Taiwan's tax revenue hits record high of NT$3.73 trillion in 2024

Taipei, Jan. 13 (CNA) Taiwan's tax revenue in 2024 reached a record high of NT$3.73 trillion (US$112.66 billion), exceeding the budgeted amount by NT$497.2 billion, the Ministry of Finance (MOF) reported on Monday.

Tax revenue in December 2024 totaled NT$159.6 billion, down 5.3 percent from a year earlier, of which stock transaction tax -- which reflects the level of activity on Taiwan's stock market -- reached NT$23.4 billion, marking an increase of 18.4 percent year-on-year and the 20th consecutive month of growth, MOF data showed.

The government last year collected NT$3.73 trillion in tax revenue, an increase of 7.9 percent from a year earlier, with the net amount collected accounting for 115.4 percent of the annual budget, which was 497.2 billion in excess of the budgeted amount.

Revenue from securities transactions rose 46 percent year-on-year to NT$288 billion in 2024 as the market received a boost from the most active artificial intelligence (AI) stocks.

Compared with 2023, the increase in tax revenue last year was driven mainly by an increase of NT$90.7 billion in revenue from stock transactions, NT$67.1 billion in personal income tax, NT$38.6 billion from corporate income tax, and NT$36.6 billion from business tax, according to the data.