Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, paid NT$55 billion (US$1.84 billion) in corporation tax in 2021, retaining its title as Taiwan’s biggest contributor, according to figures compiled by the Ministry of Finance (MOF).

TSMC was the only company in Taiwan to pay more than NT$50 billion in corporation tax in 2021, after the chipmaker posted a record high of NT$596.54 billion in net profit, up more than 15 percent from a year earlier.

According to local media reports, TSMC, the most profitable company in Taiwan in terms of net profit, accounted for about 8.4 percent of the NT$652.4 billion in total corporate tax revenues collected by the MOF in 2021, a 10 percent year-over-year increase.

After TSMC, Yang Ming Marine Transport Corp., one of Taiwan’s leading cargo shippers, took second place, paying about NT$27 billion in business income tax for its earnings posted in 2021, the statistics showed.

Yang Ming was a beneficiary of growing freight rates, which have been driven by a shortage in cargo shipping services, robust demand, and serious port congestion worldwide.

Fellow shipping line Wan Hai Lines Ltd. was third, paying more than NT$15 billion in business income tax, according to local media reports.

Evergreen Marine Corp., the largest container cargo shipper in Taiwan, ranked as the fourth after paying more than NT$12 billion, the reports said.

The National Taxation Bureau of the Northern Area collected the biggest share of corporation tax among the taxation bureau’s five branches, at NT$256 billion for 2021, up more than NT$100 billion or 64.16 percent from a year earlier.

The National Taxation Bureau of the Northern Area covers businesses located in New Taipei City, Taoyuan City, Hsinchu City, and Hsinchu County, an area that hosts major tech companies and the Hsinchu Science Park, home of TSMC’s headquarters.

Source: Focus Taiwan News Channel