Tax Collection Period to Be Extended to 15 Years.

(From Taiwan Economic News)

Taipei, Aug. 21, 2006 (CENS)--In order to better protect the government's right for tax collection, duration of the legitimate tax collection period will be extended to 15 years from the existing five years, according to a consensus achieved between the Administrative Enforcement Agency, under the Ministry of Justice, and the Ministry of Finance (MOF)

The move will help the government intensify its crackdown on tax evasion, but will also greatly increase the burden on enterprises and individual tax payers for preservation of taxation materials. According to the existing regulation of the tax law, enterprises and individual tax …