Tax office launches probes into tax evasion

SEJONG-- South Korea's tax agency said Wednesday that it has launched probes into dozens of companies and more than 100 individuals over suspected tax evasion in the latest crackdown on tax dodgers.

The National Tax Service (NTS) said the crackdown targets 46 companies and 14 individuals for alleged offshore tax evasion.

The tax agency also said it is looking into 57 people for purchasing overseas properties with money from questionable sources and probing 54 wealthy people who live lives of luxury in foreign countries.

The latest crackdown is meant to ensure that there are blind spots in offshore tax evasion.

The NTS said one of the people being investigated is a hotel owner's daughter who has lived in a foreign country for a long period of time with no job but has bought luxury goods such as expensive watches and bags using credit cards paid off by her father.

Other cases include illicit transfers of corporate funds and the creation of a slush fund.

The NTS has collected more than 1 trillion won (US$855 million) in taxes every year since 2013 by cracking down on offshore tax evasion.

Source: Yonhap News Agency

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