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Darco Water in the soup with Taiwan tax authorities

Published on May 2, 2014 8:54 PM

Darco Water Technologies said it had been notified by its subsidiary, Darco Engineering Taiwan, that it had recently received an additional tax assessments and penalties from the Taiwanese tax authorities amounting to NT$42.8 million (S$1.8 million) and NT$38.5 million respectively.

The additional tax assessments arose from the fraudulent acts committed by the previous management of the Taiwan subsidiary and are for the financial years of assessment 2006, 2007, 2008 and 2009.

The penalties are a consequent result of the additional tax assessment.

The legal suit against the former management of the Taiwan subsidiary is still ongoing.

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