Tax act amendment set to plug tax evaders’ loopholeBy Chen Cheng-hui / Staff reporterThe 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. 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.

Source: Taipei Times April 15, 2021 15:56 UTC