TAIPEI (Taiwan News) — The Ministry of Finance reported on Monday that Taiwan's tax revenue reached NT$219.4 billion (US$7.31 billion) in January.  

This figure marks a 1.8% decline compared to the same period last year. However, Liu Hsun-Jung (劉訓蓉), an official of the ministry's statistics department, said January saw record-high revenues for individual income tax, business tax, and stamp duties, per CNA.

Individual income tax totaled NT$48 billion, a 15% year-on-year increase. The rise was primarily due to higher dividend income, salary earnings, and interest income.

Business tax revenue hit NT$105.9 billion, up 4.5% from the previous year. Liu said higher taxes in the financial sector, due to interest rate hikes, were partly offset by increased tax refunds.

Stamp duty revenue reached NT$2.53 billion, up 5.5% year-on-year. The banking and insurance sectors mainly drove the increase, while the real estate industry saw a decline.

With seven fewer trading days in January compared to last year, securities transaction tax revenue totaled NT$16.5 billion, down 13.7% year-on-year, Liu said. Daily average revenue rose 26.4% to NT$1.1 billion compared to last year.

Liu said that securities transaction tax revenue is expected to grow in February.

The ministry also reported that Taiwan's tax revenue totaled NT$3.76 trillion last year, an 8.8% increase from the previous year. The data set a record and marked the fourth consecutive year of surpassing projections.

Liu added that last year's strong performance was primarily driven by growth in securities transaction tax, individual income tax, and business tax. Securities transaction tax revenue alone reached NT$288 billion, an increase of NT$90.7 billion from the previous year.