S.Korea's tax agency to intensify probe into companies' tax evasion

Source: Xinhua| 2019-01-28 15:48:18|Editor: Shi Yinglun
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SEOUL, Jan. 28 (Xinhua) -- South Korea's tax agency has planned to intensify a probe into the tax evasion of companies suspected of committing tax dodging and embezzlement.

The plan was unveiled during a meeting of senior tax officials on Monday at the main office of the National Tax Service (NTS).

Hong Nam-ki, minister of economy and finance who doubles as deputy prime minister for economic affairs, said at the meeting that the tax justice must be achieved by taking stern measures against tax evasion, urging the officials to secure a stable tax revenue through the stern measures.

The tax agency's investigation would be focused on the illegal transfer of management control in the conglomerates, made through running firms under the borrowed names, appropriating company money for personal purpose, and subcontracting works to privately-owned firms.

The agency would also concentrate on collecting the high amount of unpaid tax from rich people.

Han Sung-hee, the NTS chief, told the meeting that officials should sternly deal with the high-income bracket who concealed assets abroad to evade tax as well as large companies and people of great wealth committing illicit gift and inheritance without paying due taxes.