PRIORITY BILL: The proposals stemmed from a 2016 case in which Chinese investors who purchased Tatung Co shares through a Hong Kong firm were fined NT$600,000
Date: Sep 28, 2018
By: Lee Hsin-fan / Staff reporter, with CNA
The Cabinet yesterday passed draft amendments to the Act Governing
Relations Between the People of the Taiwan Area and the Mainland Area (台灣地區與大陸地區人民關係條例) that would increase fines for Chinese or Chinese institutions that illegally invest in Taiwan.
The draft bill has been listed as a priority for the current legislative session.
Under the proposed amendments, any Chinese investor or enterprise that invests in Taiwan without getting permission from the authorities could be subject to a fine ranging from NT$50,000 to NT$25 million (US$1,633.88 to US$816,940), compared with the current range of NT$120,000 to NT$600,000, plus rectification.
Failure to rectify the matter could lead to consecutive fines until the situation is remedied. [FULL STORY]