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進入《TAIPEI TIMES》 Tax revenue falls short of target for 1st time in 5 years
2026/01/14 03:00
The Ministry of Finance’s logo is pictured at its headquarters in Taipei in an undated photograph. Photo: Clare Cheng, Taipei Times
By Crystal Hsu / Staff reporter
Taiwan’s tax revenue last year fell short of the government’s full-year budget target for the first time in five years, as sluggish property and auto transactions dragged on collections despite record inflows from equity trading and income taxes, the Ministry of Finance said yesterday.
Total tax revenue reached NT$3.75 trillion （US$118.46 billion）, down 0.3 percent from a year earlier and equivalent to 98.7 percent of the annual budget, leaving a shortfall of NT$50.5 billion.
It is the first instance of under-collection since 2020, statistics official Liu Shun-rong （劉訓蓉） told a news conference in Taipei.
The miss was largely driven by weak activity in the housing and auto markets, as well as the impact of deferred and installment-based tax payments, Liu said.
The property downturn took a particularly heavy toll.
Land value increment tax revenue plunged 23.5 percent to NT$68.3 billion, as transaction volumes fell and fewer large taxable cases were recorded, the official said.
The category achieved just 79 percent of its budget target, one of the weakest performances among major revenue items, Liu said.
Customs duties fell 3.5 percent from a year earlier to NT$155.2 billion, mainly due to lower tax receipts from imported passenger vehicles.
Commodity tax revenue declined 11.6 percent to NT$142.5 billion, with vehicle-related taxes accounting for the biggest drop amid uncertainty linked to potential US tariffs, she said.
Nevertheless, several major tax categories posted record-high revenue, highlighting resilience in household income and financial markets, ministry data showed.
Individual income tax revenue climbed to NT$867.8 billion, up 4.7 percent from 2024, supported by higher wage withholding and increased dividend distributions, the ministry said.
Securities transaction tax revenue surged to a record NT$292.8 billion, rising 1.6 percent from a year earlier, it said.
Liu attributed the strong performance of securities transaction tax revenue to a sustained global artificial intelligence investment boom, which boosted Taiwanese share prices and trading volume, as scores of local companies play key roles in the global artificial intelligence supply chain.
Average daily turnover on the Taiwan Stock Exchange reached a record NT$489.4 billion last year, while the securities transaction tax revenue achieved a budget execution rate of 109 percent, making it one of the largest contributors to revenue outperformance, Liu said.
The category could remain a bright spot this year, she said, adding that daily turnover has expanded to about NT$847 billion per session so far this year.
Inheritance and gift tax revenue also far exceeded expectations last year, with execution rates of 177 percent and 145 percent respectively, reflecting large-value cases and accelerated wealth transfers.
The overall figures underscore Taiwan’s growing reliance on capital market and income related taxes, even as traditional revenue sources tied to trade, vehicles and real estate continue to lose momentum.
新聞來源：TAIPEI TIMES
