NTS probes high-income earners for tax evasion
[THE INVESTOR] Korea’s tax agency said on Sept. 17 that it has launched an investigation into high-income earners for possible tax evasion in a bid to better enforce taxation justice.
The National Tax Service said it has started the probe into 203 people who are suspected of evading taxes by intentionally reporting less income than they earned.
They are mostly people working in well-paying jobs -- lawyers, doctors, popular cram school teachers, owners of multiple homes and owners of large-scale restaurants and bars -- the agency said.
The probe is part of the tax agency’s policy of intensifying its crackdown on tax evasion attempts by well-paid, high-status people. The plan involves keeping close tabs on tax evasion that could take place during wealth transfers and inheritance.
For the past five years, the NTS conducted a similar probe into 5,452 such people, leading to the collection of about 3.86 trillion won (US$3.40 billion) more in dues.
The tax agency said that it will toughen its crackdown on market-distorting activities, as well as loan sharks and others, that could hurt the livelihood of low-income citizens. Offshore tax evasion by businesses will be under heightened scrutiny this year, the NTS noted.
By Song Seung-hyun and newswires (firstname.lastname@example.org)