Arab Today, arab today wealth hidden under borrowed names nears 5 tln won in korea
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Wealth hidden under borrowed names nears 5 tln won in Korea

Arab Today, arab today

Arab Today, arab today Wealth hidden under borrowed names nears 5 tln won in Korea

Seoul - Yonhap

Wealth hidden under borrowed names in South Korea has reached nearly 5 trillion won (US$4.28 billion), a lawmaker said Saturday. Based on data provided by the National Tax Service (NTS), Rep. Lee Jong-koo of the ruling Grand National Party said that wealth held under borrowed names, including securities, bank deposits and real estate, came to 4.7 trillion won as of the end of June. The data is based on the NTS\'s probe and track-down efforts into money hidden under borrowed names. This is the first time that such data has been unveiled, Lee said. Saying that people tend to use borrowed names to evade taxes or stash away money, the lawmaker called on the tax agency to draw up clear taxation standards and deal sternly with the matter.

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