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Gov't to increase cash prize for tipping off tax evasions

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(Globalpost/GlobalPost)

SEJONG, June 28 (Yonhap) -- The government plans to increase the cash prize granted for people reporting tax evasions or providing related information to authorities, the finance ministry said Friday.

According to the ministry, the government will sharply increase the amount of cash rewards for those tipping off authorities about tax evasions starting from July. In some cases, the amount will nearly triple.

Under the revised rules, those who report evasions worth 500 million won (US$437,445) to authorities can receive 75 million won in prizes. The amount is higher than the 25 million won the government currently offers as a cash reward for the same such reporting, the ministry said.

The amount of cash prizes vary depending on how much money is involved. For reporting a tax evasion worth over 750 million won, the prize could top 100 million won, the ministry said.

The move comes as the government is stepping up its crackdown on tax evaders in order to establish justice and fairness in law enforcement and also help raise additional revenue by encouraging more reporting on tax evasions.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130627/govt-increase-cash-prize-tipping-tax-evasions