Taiwan considers NT$100 million fine for tax evaders

Current maximum fine stands at NT$60,000

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The Ministry of Finance is looking at higher fines for serious tax evaders.

The Ministry of Finance is looking at higher fines for serious tax evaders. (CNA photo)

TAIPEI (Taiwan News) – The Ministry of Finance (MOF) is considering at least one proposal to reform fines for tax evaders, including a maximum fine of NT$100 million (US$3.22 million) for serious offenders, reports said Saturday (September 21).

As the government considers a package of tax reforms, there is considerable support for picking the highest maximum fine from among three proposals on the table, Ministry of Finance (MOF) officials said.

The existing maximum penalties of NT$60,000, five years in prison, or a combination were deemed too light, CNA reported.

Of the three proposals, the lightest penalty would raise the maximum fine to NT$5 million.

The second and third versions both include prison sentences ranging from six months to 10 years for serious offenders, as well as fines ranging from NT$10 million to NT$100 million. The difference between the two proposals is merely a matter of legal wording, CNA reported.

MOF officials emphasized that NT$100 million would be the maximum fine, not one to be applied in every single case. Whatever the final choice is, the new maximum will be higher and “better” than the existing NT$60,000, CNA quoted an MOF representative as saying.

While there is no timetable for the approval of the reforms, the proposals are ready and could be reviewed by the current Legislative Yuan before the January 11, 2020 elections for a new legislature, which will be sworn in on February 1. How fast to proceed depends on a decision by the MOF and by the Cabinet, according to the CNA report.