April 20, 2024
Economy
NTS probes 95 people over alleged tax evasion
Korea’s tax agency said on March 7 that it has launched probes into 95 rich people to see if they attempted to avoid paying taxes.
The National Tax Service said the latest crackdown includes 37 owners of medium-sized companies, 10 people with vast real estate holdings and 48 high-income people, though it did not identify them by name.
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The combined assets of the targeted people reach 12.6 trillion won (US$11.10 billion). They own 133 billion won in assets on average.
The NTS said it has found suspected cases of tax evasion, such as private use of corporate funds, illicit transfer of wealth and inside transactions.
The tax agency said it will refer cases of tax evasion to the prosecution if the people are found to have evaded taxes.
The NTS has collected 10.7 trillion won in taxes from tax dodgers since 2017.
By Ram Garikipati and newswires (ram@heraldcorp.com)
