Back in 2001, the island first banned the sale of dog and cat meat.
Under the new laws, anyone found eating cat or dog meat can be fined between NT$50,000 (£13000) and NT$250,000 (£6,500), according to the China Post.
Reactions to the latest law were mixed, with some islanders deeming it unfair that only cats and dogs had been chosen to enjoy better protection.
On Tuesday, the country's parliament passed amendments to its Animal Protection Act, which will also prohibit those using a auto or motorbike from pulling their pets along on a leash, The Guardian reports.
Under the new law Taiwan has also banned making dogs walk or run alongside a auto or scooter by attaching to the vehicle.
According to the Animals Asia Foundation, the Animal Protection Act enforced on the island only prohibited the slaughter and marketing of pet meats. In addition to the fine, they could face public criticism - as their names and photographs could be published by media outlets.
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For Taiwan, it is really unexpected legislative measure because the cats and dogs are part of the national cuisine, there is a special Yulin dog festival where visitors can choose the dog for eating its meat later.
Taiwan is the first Asian country to crack down on the practice.
Additionally, dog owners are now prohibited from walking their dogs while driving a vehicle or riding a motorcycle.
Elsewhere in Asia, Hong and China have banned the killing of ctas and dogs for meat but have, so far, not outlawed consumption.
The new law comes after concerns for animal welfare are mounting due to a series of graphic animal abuse cases caused public outrage.
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