Taiwan's Ministry of Finance has issued a notice clarifying that fines imposed for regulation violations cannot be deducted as expenses or losses. --- Fines Imposed on Profit-seeking Enterprises Can Not Be Deducted as Expenses or Losses When profit-seeking enterprises are fined for violating regulations, these fines can not be reported as expenses or losses on annual income tax declaration. The National Taxation Bureau of the Southern Area, Ministry of Finance (hereinafter "the Bureau") stated that, fines as provided in various tax acts shall not be included as expenses or losses in accordance with Article 38 of the Income Tax Act....