Hon Hai Precision Industry Co (鴻海精密) yesterday said it was not involved in so-called “Panama Papers” tax evasion schemes and it paid more than NT$48 billion (US$1.48 billion) in business tax last year.
Hon Hai’s remarks came after Democratic Progressive Party Legislator Lin Shu-fen (林淑芬) said that a total of NT$4.25 trillion in profits from Taiwan’s listed companies was not remitted back to the nation in a bid to avoid paying taxes last year.
Several Chinese-language newspapers cited Lin as saying that Hon Hai hid NT$741.2 billion in profits.
Lin reportedly also accused Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) of hiding NT$194.8 billion and Catcher Technology Co (可成科技) of hiding NT$191 billion profits overseas, after both companies failed to transfer the funds back to Taiwan last year.
Lin’s allegations were in relation to the “Panama Papers” leaks, which revealed that more than 16,000 individuals and corporations linked to Taiwan had attempted to evade taxation and financial oversight with the assistance of Panama-based law firm Mossack Fonseca.
Hon Hai said in a filing with the Taiwan Stock Exchange that the company has not been cited by the “Panama Papers” and said it has been falsely accused of tax evasion.
Hon Hai has been honest and always abides by the tax regulations of the countries where its manufacturing takes place, the company said.
The company said it reserves the right to take legal action against the people and media who made the allegations.
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