NTS unveils plans for 5-year underground economy crackdown

By Chung Joo-won

Published : April 11, 2013 - 20:05

- Link copied

The National Tax Service on Thursday vowed to focus on tax collection from the nation’s underground economy to secure funds needed to promote the government’s welfare programs.

Revealing its 2013 policy direction at a meeting of heads of NTS’ local offices in Seoul, the tax agency said it hopes to secure an extra 28.5 trillion won ($25.2 billion) in the five-year plan to secure an increased welfare budget, aside from its usual tax collection activities.

The tax agency said it would focus its investigation on tax-evading large firms, illegal debt collectors, the wealthy self-employed and hidden overseas accounts ― which it describes as “clever” and “antisocial.”

Heads of local tax offices take an oath to promote fair taxation at their meeting in Seoul on Thursday. (Yonhap News)

The NTS submitted a proposal to the National Assembly to give the tax authorities access to databases of financial transactions that have been exclusively collected by the Public Prosecutors’ Office and related state institutions.

The NTS doubled its team for investigating hidden assets from 192 to 289 in February.

It agreed to execute a one-strike system which would perpetually exclude bribery-involved NTS officials from the investigative unit at their first trial.

By Chung Joo-won (joowonc@heraldcorp.com)

NTS unveils plans for 5-year underground economy crackdown

More from Headlines