TAIPEI (Taiwan News) — Taiwan collected record-high tax revenues in 2024, significantly surpassing budgeted expectations, the Ministry of Finance announced on Monday.
Total tax revenue for the year reached NT$3.7308 trillion (US$112.69 billion), a 7.9% year-on-year increase. Net revenue accounted for 115.4% of the annual budget, exceeding the projected figure by NT$497.2 billion.
The securities transaction tax, a key indicator of Taiwan's stock market momentum, rose to NT$288 billion for the year, an annual increase of 46%, boosted by AI-driven business opportunities that fueled stock market activity, according to CNA.
In December, national tax revenue reached NT$159.6 billion, representing a year-on-year decline of 5.3%. However, the securities transaction tax for the month surged to NT$23.4 billion, marking an 18.4% year-on-year increase and extending its streak of positive growth to 20 consecutive months.
Compared to 2023, Taiwan’s 2024 national net tax revenue saw significant gains in several categories, including:
- NT$90.7 billion increase in securities transaction tax.
- NT$67.1 billion increase in comprehensive income tax.
- NT$38.6 billion increase in corporate income tax.
- NT$36.6 billion increase in business tax.
The Ministry of Finance credited strong economic performance and robust stock market activity for the record-breaking results.