Japanese discount store chain Daiso Industries Co has been banned from importing any goods to Taiwan for two years as a penalty for altering transaction dates to obtain an import permit, the Ministry of Economic Affairs said yesterday.
The ministry has revoked the company’s import permit and fined it NT$41.64 million (US$1.39 million) , Bureau of Foreign Trade Deputy Director-General Lee Guann-jyh (李冠志) told the Legislative Yuan in Taipei.
The ministry has also notified the Customs Administration of the ban, as some products imported by the company might have entered the market, he added.
Photo: CNA
Lee’s remarks came after New Power Party Executive Chairman Huang Kuo-chang (黃國昌) last month accused the ministry of turning a blind eye to Daiso, which allegedly imported goods from Japan during a six-month import suspension period in 2015.
The government has tightened the regulations on imports of food and high-risk products from Japan after the Fukushima Dai-ichi nuclear power plant disaster in March 2011.
Daiso was in 2015 prohibited from importing any products into Taiwan after it was found to have illegally import food products from the five Japanese prefectures from which food imports were banned.
The Foreign Trade Act (貿易法) stipulates that companies may import or export goods during a suspension period if the transactions had been established before the punishment was issued, according to.
However, most of Daiso’s goods imported to Taiwan during the suspension period were ordered after the punishment had been imposed, Huang said.
Daiso denied the accusations, but a statement on its Web site said that its management team had made a wrong decision to switch the dates in a bid to obtain approval from the government.
The Japanese budget store chain, which sells more than 20,000 items, operates about 60 stores in Taiwan, company data showed.
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said second-quarter revenue is expected to surpass the first quarter, which rose 30 percent year-on-year to NT$118.92 billion (US$3.71 billion). Revenue this quarter is likely to grow, as US clients have front-loaded orders ahead of US President Donald Trump’s planned tariffs on Taiwanese goods, Delta chairman Ping Cheng (鄭平) said at an earnings conference in Taipei, referring to the 90-day pause in tariff implementation Trump announced on April 9. While situations in the third and fourth quarters remain unclear, “We will not halt our long-term deployments and do not plan to
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar