September 02, 2015 11:31
The government said Tuesday it will offer immunity to individuals and businesses that voluntarily report their hidden overseas earnings and assets as part of a drive to boost tax revenues and improve transparency.
The immunity period will last for six months starting on Oct. 1, and those who come clean will be exempt from fines and having their names listed among tax dodgers.
Finance Minister Choi Kyung-hwan made the announcement in a press conference with Justice Ministry officials on Tuesday. He pledged "maximum leniency" for those who voluntarily disclose their earnings or assets overseas under the measure.
The government hopes to uncover around W4 trillion of hidden assets through the voluntary reports and generate an additional W500 billion in taxes (US$1=W1,177).
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