Taipei: Taiwan's tax revenue in 2024 reached a record high of NT$3.73 trillion (US$112.66 billion), exceeding the budgeted amount by NT$497.2 billion, the Ministry of Finance (MOF) reported on Monday.
According to Focus Taiwan, tax revenue in December 2024 totaled NT$159.6 billion, down 5.3 percent from a year earlier. The stock transaction tax, which mirrors the level of activity on Taiwan's stock market, reached NT$23.4 billion, marking an increase of 18.4 percent year-on-year and the 20th consecutive month of growth, MOF data showed.
The government collected NT$3.73 trillion in tax revenue in 2024, marking a 7.9 percent increase from the previous year. The net amount collected accounted for 115.4 percent of the annual budget, surpassing the budgeted amount by NT$497.2 billion.
Revenue from securities transactions rose 46 percent year-on-year to NT$288 billion in 2024, as the market was buoyed by active trading in artificial intelligence (AI) stocks.
Compared with 2023, the increase in tax revenue last year was primarily driven by an increase of NT$90.7 billion in revenue from stock transactions, NT$67.1 billion in personal income tax, NT$38.6 billion from corporate income tax, and NT$36.6 billion from business tax.