Gov't Offer Flushes Out W500 Billion in Hidden Overseas Assets

      April 26, 2016 11:29

      A government offer of leniency for people who hide their wealth overseas flushed out W512.9 billion worth of hidden income and assets, the Ministry of Strategy and Finance said Monday (US$1=W1,150).

      Last October the ministry gave those with undeclared assets six months to declare them or face criminal charges and hefty fines.

      The ministry on Monday said W153.8 billion worth of taxes have been levied -- W92 billion in income tax, W6.3 billion in corporate tax and W55.5 billion worth of inheritance or gift tax.

      A total of 514 people voluntarily declared their assets overseas. Each had tucked away at least W1 billion overseas and paid around W300 million in taxes, and some 123 bank accounts held more than W2.13 trillion in total.

      "The individuals who reported their overseas assets ranged from highly-paid professionals to business owners and corporate executives," a ministry official said. "Most of them were people who hid dividends or other capital gains from investments abroad."

      Only 12 people declared assets overseas that were subject to inheritance or gift tax, but each of them paid taxes averaging W4.63 billion. Each had more than W10 billion worth of inherited wealth deposited in banks overseas.

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