South Korea’s tax authority will run a temporary taskforce team to crack down on tax dodging practices by super-rich individuals and companies.
Earlier this month, the government under liberal President Moon Jae-in in its tax code revision outline for next year proposed to up tax rates on the top-income bracket individuals and companies to improve redistribution and ease wealth inequalities.
The government estimated it would need extra tax revenue of 178 trillion won ($157 billion) to finance the 100-point major state agendas mostly enhancing social security and increasing jobs in the public sector over the next five years under Moon leadership.
The taskforce team will run for six months to February 2018 and clamp down on illegal inheritances among superrich individuals and illicit financial transactions among affiliates of large conglomerates.
By Chun Jung-hong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]