TAIPEI: A Taiwanese businessman who was trying to bring 9 million Japanese yen (US$74,925) into Taiwan lost about two thirds of it Wednesday after he failed to declare the cash and Customs officers confiscated 6.6 million yen of it.
The Taiwanese man, identified by his surname Lin, told Customs officers on arrival at Taiwan Taoyuan International Airport Wednesday that the money was to be used to pay year-end bonuses to his staff.
Unaware of Customs declaration regulations, he hid the cash in his luggage, thinking that he would have to pay a tax on it if it was declared, Lin told the officers.
Taipei Customs seized 6.6 million yen and returned the equivalent of US$10,000 each to Lin and his traveling companion.
The 6.6 million Japanese yen was confiscated in line with Taiwan’s Foreign Exchange Regulation Act.
According to the law, passengers and transportation service personnel are required to declare foreign currency of over US$10,000 or risk confiscation.
