24/08/21

SOUTH KOREA: Tax agency launches probes into suspected tax evasion.

As published on koreaherald.com, Tuesday 24 August, 2021.

South Korea's tax agency said Tuesday it has launched probes into suspected tax evasion by 59 people who allegedly pocketed illegal profits or increased wealth in an improper manner.

Of them, 29 people earned money in an illegal or dishonest fashion while misusing corporate funds to buy luxury goods, according to the National Tax Service (NTS).

The agency also cracked down on people and entities that gave damage to pandemic-hit merchants and individuals to increase their assets.

Since last year, the NTS has collected a combined 153 billion won ($130 million) in unpaid taxes from high-income tax evaders or those who earned profits by extorting vulnerable people. Similar tax probes have been underway since May. (Yonhap)