TSMC tops 2024 list of corporate taxpayers with over NT$100 billion

Taipei, July 15 (CNA) Taiwan Semiconductor Manufacturing Co. (TSMC) retained its top spot as the highest corporate taxpayer in Taiwan for 2024, with self-declared corporate income tax exceeding NT$100 billion (US$3.415 billion), based on the cross-referencing of corporate financial statements and filings.

With the end of the 2024 corporate income tax filing deadline on June 30, the Ministry of Finance (MOF) has released preliminary statistics on corporate income tax filings.

Total nationwide self-reported corporate income tax (excluding provisional payments) reached NT$583.45 billion last year, an increase of 6.21 percent from a year earlier, data compiled by the MOF showed.

Meanwhile, tax on undistributed earnings was NT$43.107 billion, a significant year-over-year decline of 38.78 percent.

Combined, the two exceeded NT$626.5 billion, up about 1 percent from the previous year. However, as data is still being consolidated, figures may change, according to the ministry data.

Among the five regional tax bureaus, only the Northern Area and Kaohsiung bureaus saw year-on-year growth in corporate tax declarations, while tax declarations in other areas declined, MOF data showed.

The National Taxation Bureau of Northern Area under the MOF, which covers New Taipei, Taoyuan, and Hsinchu County and City, is home to many prominent publicly listed companies and tech giants.

The bureau retained its top spot among the five regional tax bureaus in terms of total declared corporate taxes in 2024, as companies under its jurisdiction declared approximately NT$286.261 billion in self-reported corporate income tax, up nearly 20 percent from a year ago, according to the ministry.

Benefiting from strong demand for artificial intelligence (AI) and high-performance computing, TSMC, the world's largest contract chipmaker, posted record-high annual revenue of NT$2.8943 trillion in 2024, marking a 33.9 percent year-over-year increase, according to the company's financial statements.

Net income attributable to the parent company was NT$1.1732 trillion, up 39.9 percent, according to the company.

Based on cross-referencing corporate financial statements and filings, it was found that TSMC was once again the top corporate taxpayer in 2024, contributing over NT$100 billion in corporate income taxes.

The corporate taxes reported by companies ranked second through fifth were preliminarily found to each range from several billion Taiwan dollars to under NT$10 billion.

It is likely that chipmaker United Microelectronics Corp., tech giant Hon Hai Precision Industry Co., AI server manufacturer Quanta, and shipping company Yang Ming Marine Transport are among the top 10 taxpayers.