Taxpayers who intentionally fail to report property ownership to evade taxes will now be subject to criminal penalties.

Not only will their assets be confiscated but they will also be sentenced to up to three years in prison or face fines as high as W30 million (US$1=W1,124).

The National Tax Service said on Monday it collected W222 billion in overdue taxes during the first half of this year from more than 300 defaulters who avoided taxes, even though they had sufficient assets to pay them.