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South Korea's national tax office collected a record amount of penalty taxes in 2016 in close cooperation with the intelligence unit of the financial regulator, a lawmaker said Wednesday.
Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.
The amount was up slightly from the 2.4 trillion won collected the previous year and represented a near tenfold increase from four years earlier.
Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.
The amount was up slightly from the 2.4 trillion won collected the previous year and represented a near tenfold increase from four years earlier.
The FIU, established in November 2001 under the Financial Services Commission watchdog, offers the NTS, the Korea Customs Service, the prosecution, the police and other state agencies reports on suspicious transactions that may be linked to money laundering, illegal foreign exchange activities and asset smuggling.
According to the legislator, the tax office took advantage of more than 13,800 tips from the FIU to take legal action last year.
Rep. Park called on the FIU to provide the tax service with more information on suspicions transactions in order to help track down tax evaders. (Yonhap)
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