TAIPEI (Taiwan News) — The Ministry of Finance (MOF) reported Wednesday (Sept. 11) the national tax revenue was NT$170.8 billion (US$5.31 billion).

According to a Wednesday press release, the cumulative net tax revenue from January to August was NT$2.52 billion, a NT$63.8 billion increase compared to the same period last year. The cumulative net tax revenue accounted for 78% of the annual budget.

Regarding real estate transaction taxes, the ministry said the first eight months of the year saw year-on-year increases in the land value increment tax, deed tax, and consolidated housing and land tax, per CNA.

MOF Statistics Department Deputy Director Liu Hsun-jung (劉訓蓉) said the real estate market in August faced stock market corrections and tightened mortgage lending by banks. Despite these factors, there was still an increase in transaction volumes across the six major municipalities, leading to tax growth, she explained.

Regarding the land value increment tax, Liu reported the collection in August was NT$8 billion, a 12.1% year-on-year increase, with significant increases in Taichung, New Taipei, and Kaohsiung.

Looking ahead, Liu said the baseline for real estate transaction-related tax revenue is gradually rising. However, she cautioned that the potential impact from the US election and monetary policy changes could influence the real estate market.