Reported about 1 year ago
On July 8, 2024, a couple withdrew 3.7 million in cash from their bank account and deposited it under their child's name, exceeding the tax-exempt limit, resulting in the need to pay taxes and penalties. The National Taxation Bureau of Taipei reminded parents that gifting money by transferring withdrawals to their children's fixed-term deposits could lead to tax penalties if it surpasses the annual gift tax exemption limit, urging timely reporting and payment to avoid tax audits and penalties.
Source: YAHOO