The Executive Yuan yesterday approved an amendment to the Tax Collection Act (稅捐稽徵法) that would increase fines for tax evasion, aiming to fix a loophole that allows tax evaders to get away with milder penalties.
Under the existing act, people found to have intentionally evaded paying their taxes face a fine of up to NT$60,000 (US$2,114) or five years in prison.
Some lawmakers have long said that the act allows room for “certain powerful people” to skirt the law after dodging billions in taxes.
Photo: Allen Wu, Taipei Times
For example, under the existing act, Landseed International Hospital superintendent Chang Huang-chen (張煥禎), who was in October 2018 indicted for not paying more than NT$500 million in taxes from 2007 to 2016, would only be fined up to NT$60,000.
The amendment drafted by the Ministry of Finance stipulates that people found guilty of evading more than NT$10 million in taxes or profit-making enterprises found to have evaded more than NT$50 million in taxes are to face one to seven years in prison or a fine of NT$10 million to NT$100 million, the Executive Yuan said in a statement.
Chang could be sentenced to seven years in prison and fined NT$100 million, the ministry said.
The amendment would increase the maximum fine for mild tax fraud to NT$5 million, it added.
The amendment changes the reward for those who report tax evaders to 20 percent of the amount of taxes evaded or up to NT$4.8 million, although tax bureau personnel, tax inspectors, their spouses and close relatives are ineligible for rewards.
The revised act is to be forwarded to the Legislative Yuan for further deliberation, the Executive Yuan said in the statement.
European Central Bank (ECB) President Christine Lagarde is expected to step down from her role before her eight-year term ends in October next year, the Financial Times reported. Lagarde wants to leave before the French presidential election in April next year, which would allow French President Emmanuel Macron and German Chancellor Friedrich Merz to find her replacement together, the report said, citing an unidentified person familiar with her thoughts on the matter. It is not clear yet when she might exit, the report said. “President Lagarde is totally focused on her mission and has not taken any decision regarding the end of
French President Emmanuel Macron told a global artificial intelligence (AI) summit in India yesterday he was determined to ensure safe oversight of the fast-evolving technology. The EU has led the way for global regulation with its Artificial Intelligence Act, which was adopted in 2024 and is coming into force in phases. “We are determined to continue to shape the rules of the game... with our allies such as India,” Macron said in New Delhi. “Europe is not blindly focused on regulation — Europe is a space for innovation and investment, but it is a safe space.” The AI Impact Summit is the fourth
CONFUSION: Taiwan, Japan and other big exporters are cautiously monitoring the situation, while analysts said more Trump responses ate likely after his loss in court US trading partners in Asia started weighing fresh uncertainties yesterday after President Donald Trump vowed to impose a new tariff on imports, hours after the Supreme Court struck down many of the sweeping levies he used to launch a global trade war. The court’s ruling invalidated a number of tariffs that the Trump administration had imposed on Asian export powerhouses from China and South Korea to Japan and Taiwan, the world’s largest chip maker and a key player in tech supply chains. Within hours, Trump said he would impose a new 10 percent duty on US imports from all countries starting on
STRATEGIC ALLIANCE: The initiative is aimed at protecting semiconductor supply chain resilience to reduce dependence on China-dominated manufacturing hubs India yesterday joined a US-led initiative to strengthen technology cooperation among strategic allies in a move that underscores the nations’ warming ties after a brief strain over New Delhi’s unabated purchase of discounted Russian oil. The decision aligns India closely with Washington’s efforts to build secure supply chains for semiconductors, advanced manufacturing and critical technologies at a time when geopolitical competition with China is intensifying. It also signals a reset in relations following friction over energy trade and tariffs. Nations that have joined the Pax Silica framework include Japan, South Korea, the UK and Israel. “Pax Silica will be a group of nations
RSS