Taiwan's tax take is booming thanks to a strong stock market, which is good news for the government's budget but hints at cooling trading activity underneath.

• August stock transaction tax reached a record for the month, nearly doubling from a year earlier and rising for the 13th straight month.
• Total tax revenue for August was up 29%, and the first eight months already cover most of the full-year budget target.
• Trading volume is actually shrinking — daily turnover fell for a second month, so prices are climbing on fewer trades.
• Business tax, corporate income tax, and personal income tax all rose too, pointing to broad strength in company profits.
• Housing taxes are picking up again, with property gains tax and land value tax both higher in August.

Outlook: September turnover is running slightly below August, and the Middle East conflict, oil prices, and expectations for the Fed will decide whether the tax windfall keeps going.