The government plans to increase the cash rewards given to people reporting tax evasion or providing related information to authorities, the Finance Ministry said Friday.

According to the ministry, the government will sharply increase the amount given to those tipping off authorities about tax evasions starting from July. In some cases, the amount will triple.

Under the revised rules, those who report evasion worth 500 million won ($437,445) to authorities can receive 75 million won as a cash reward. The current award for such a report is 25 million won, the ministry said.

The value of the reward will vary depending on how much money is involved. For reporting a tax evasion worth more than 750 million won, the prize could top 100 million won, the ministry said. (Yonhap News)