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In line with the incoming government's pursuit to funnel more government revenues toward
welfare without raising tax rates..., the National Tax Service... is expected to call
for a crackdown on hidden tax sources and illegal practices.
Our Hwang Ji-hye has the details. Korea's tax agency is seeking ways to increase tax
revenue by exposing illicit activity,... in part to fund a raft of welfare programs proposed
by the incoming administration of President-elect Park Geun-hye.
The National Tax Service will first tackle fuel fraud -- one of the fastest growing sectors
of the black market. An essential part of its strategy will involve
building partnerships with regulatory bodies to gain greater access to industry data.
In particular, it's hoping to take a more aggressive approach to tracking fuel transactions...
in conjunction with the Korea Institute of Petroleum Management.
The tax agency expects this will produce an estimated 5-hundred-billion won,... or roughly
470-million U.S. dollars,... in tax revenue. The National Tax Service also expects to have
a greater access to data from the country's Financial Intelligence Unit... which has information
on financial transactions worth 5-point-6-trillion dollars.
With the information,... the tax office could ferret out various forms of tax evasion.
President-elect Park Geun-hye has promised a series of welfare programs... that could
cost Korea around 91-billion dollars,... over the next five years.
How to raise money for those programs... has been a focus of attention... amid widespread
concerns... that the incoming government could be forced to raise tax rates.
Hwang Ji-hye, Arirang News.