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S. Korea: Finance Minister to Push for Tax on Religious Community
Source: world.kbs.co.kr
Source Date: Monday, March 04, 2013
Focus: ICT for MDGs
Country: Korea (Republic of)
Created: Mar 05, 2013

Finance and Strategy Minister Bahk Jae-wan said Monday that the ministry will soon push to impose income taxes on the religious community after proper consultations.

At the 47th Taxpayers' Day event in Seoul, Bahk said he will track down incomes that previously have not been taxed under the principle of "where there is income, there is tax."

He also announced plans to strengthen the system to detect tax sources from financial transactions along with cash transactions. Such an announcement hints at the possibility of expanding the Financial Intelligence Unit's access to information, which was one of the President Park's campaign pledges.

He also pledged to make reporting of foreign bank accounts more effective, take stern measures on off-shore tax evasion and expand the issuance of cash receipt and e-tax invoice.

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