TAIPEI (Taiwan News) — The Ministry of Finance (MOF) said Taiwan’s tax revenue was NT$216.5 billion (US$6.67 billion) in July, an 11.5% year-on-year increase.

According to a MOF report published Monday (Aug. 12), the net tax revenue collected from January to July was NT$2.35 trillion, an increase of NT$63.3 billion compared to the same period last year. Additionally, the integrated housing and land tax for July reached approximately NT$7.3 billion, setting a new monthly record, per CNA.

MOF Department of Statistics Deputy Director Liu Hsun-jong (劉訓蓉) said the real estate market’s transaction volume remained high in the first half of the year. The upcoming Ghost Month in August, which traditionally affects property purchases, prompted some buyers to speed up their home purchases in July, he explained.

Reports from real estate consulting firms also indicate that developers have become more aggressive in land acquisitions.

Reflecting this trend, Liu said the land value increment tax collected in July reached NT$8.13 billion, a 17.8% year-on-year increase, with significant increases in New Taipei, Taoyuan, and Taichung. The cumulative land value increment tax for the first seven months was NT$52.52 billion, a 23.3% year-on-year increase, again led by New Taipei, Taoyuan, and Taichung, he added.

However, Liu said reports of banks nearing their lending limits, geopolitical risks associated with the upcoming US presidential election, and the absence of low base period benefits are expected to slow the growth of real estate tax revenue starting in August.