Taiwan Clarifies Fines Incurred by Profit-Seeking Enterprises that Violate Regulations Cannot be Considered as Expense or Loss.

Taiwan's Ministry of Finance has issued a notice to clarify that fines incurred by profit-seeking enterprises that violate regulations cannot be considered as an expense or loss.

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Fines Incurred by Profit-Seeking Enterprises that Violate Regulations cannot be Considered as Expense or Loss.

National Taxation Bureau of the Central Area, Ministry of Finance, stated that Article 38 of the Income Tax Act stipulates that losses incurred not in the course of operation of business or subsidia…