The National Tax Service is tracking 468 people on suspicion of hiding property in someone else’s name and 59 people on misusing financial assets
The first full investigation into private equity investment offenders… 6.6 billion won cash collection
High-paid criminals who hid their assets by borrowing someone else’s name or misusing financial assets such as virtual assets and private equity funds to avoid taxes were caught by the tax authorities.
The National Tax Service announced on the 22nd that it was carrying out an intensive follow-up investigation into 527 people who failed their taxes through such malicious means.
Among them, 468 people were accused of hiding their property in the name of another person, such as a family member or relative, and 59 people were using new financial assets as a means of hiding their assets.
◇ Avoiding tax by hiding money from selling stock in relatives’ accounts… My property is ‘0 won’
Lawyer A hid his income by receiving tens of billions of money from his acquaintance’s account for the past three years.
Mr A survived without paying hundreds of millions in taxes earned while using a credit card in his spouse’s name without any property in his or her name.
The former director of hospital B, who was in arrears in billions of dollars in taxes, disposed of his unlisted stock and hid the transfer money in an account in the name of a relative.
Afterwards, B closed the hospital he was running to avoid compulsory tax collection, and it was revealed that he was living in an expensive flat in his spouse’s name with the money he had hidden.
◇ Hiding assets in virtual assets and private equity funds… Complete Private Equity Fund Violent Investigation
After disposing of the real estate, Mr C purchased virtual assets without paying taxes, but the acquired assets were moved back to a virtual asset address in his sister-in-law’s name to avoid paying taxes.
D, a home building salesman, also concealed part of the sale proceeds by putting it into P2P (online investment related) financial products instead of paying taxes.
In some cases, the compulsory collection has been avoided by investing the assets held in a private equity fund.
Software developer E sold tens of billions of unlisted stocks to invest in a private equity fund whose investors were not disclosed, and the corporation shut down to avoid taxes.
The National Tax Service secured cash and bonds worth 6.6 billion which they earned through compulsory collection.
In the process, it was the first government collection agency to conduct a full investigation into tax delinquents who invested in private equity funds.
◇ Hide 1.4 billion won in personal safe and 1.3 billion won in car trunk
By the first half of this year, it was estimated that the tax arrears secured by the National Tax Service through the subsequent investigation of major and general delinquents had won 1.25 trillion.
Among the culprits, there was a case of living in an officetel in the name of an employee and hiding 1.4 billion won in cash in a personal safe.
There were cases where a car trunk was remodeled to make a safe, and gold bars and cash worth 1.3 billion won were hidden, or cash was hidden in a medicine box while living in an apartment in the name of a common law spouse .
The National Tax Service is paying a reward of up to 3 billion won to those who contributed to the collection of delinquent taxes by reporting these hidden assets.