Published : 2013-09-25 09:31
Updated : 2013-09-25 09:31
South Korea's tax agency said Wednesday that its tax collection through audits into companies increased last year amid the government's intensifying crackdown on tax evasion attempts.
According to data provided by the National Tax Service (NTS), it collected 7 trillion won ($6.5 billion) in additional taxes through audits, which is higher than 6.1 trillion won tallied a year earlier.
The amount represented 3.6 percent of the total tax revenue of the NTS, which stood at 192.1 trillion won.
This is up from the 3.4 percent a year earlier and also marked the third straight year that the ratio has increased since 2009 when the corresponding figure was 2.2 percent.
Tax collection from corporations came to 4.9 trillion won last year, while that from individual businesses, including self-employed people, was 857.1 billion won.
The increase comes amid intensifying efforts by the NTS to expand its tax revenue base by cracking down on tax evasion attempts, a move aimed in part to meet the need for growing government spending. (Yonhap News)