The National Tax Service said Tuesday that it has created a team of 219 officials to tackle wealthy individuals evading taxes.
The team, divided into 17 lots across the country, is tasked with tracking down those suspected of illegal wealth transfers and dodging taxes by hiding funds in tax haven countries. The formation of the new team is a follow up measure after NTS last year proclaimed that 2011 will be a year of investigating tax evasion.
“However they try to conceal their wealth we will track them down to the end and collect it back,” NTS commissioner Lee Hyun-dong told the team at the founding ceremony.
The move has been backed by the Lee Myung-bak administration, which is currently debating ways to beef up tax revenue. The country is in need of an increased tax base to carry out an ever-increasing number of welfare projects. The ruling and opposition parties are proposing raising taxes on the rich and large companies to secure funding for the rapidly aging country.
Emphasis will be placed on tracking assets listed under a third person’s name, stock holdings and finding properties owned abroad.
The country’s tax revenue grew 8.3 percent to 192.4 trillion won ($171.8 billion) in 2011. It is slightly lower than the estimated amount of 192.8 trillion won.
By Cynthia J. Kim (
cynthiak@heraldcorp.com)
