National Tax Service official Min Joo-won speaks at a press conference at the Government Complex Sejong in Sejong City, Nov. 27. Yonhap
Korea's tax agency said Thursday it has initiated investigations into 37 business owners and their families for alleged tax evasion and various financial irregularities.
Some of the businesses under investigation include platform operators and food and beverage franchises, industries closely tied to the daily lives of ordinary people, according to the National Tax Service (NTS). The agency has not disclosed the names of the companies involved.
"Platforms have become indispensable in our daily lives, and many small business owners rely on franchises to make a living," said Min Joo-won, an NTS official.
Min said it is unjust for certain individuals to hoard profits for personal gains without sharing the benefits with small business owners or consumers.
Of them, 14 individuals and their family members are accused of using company funds to pay for their extravagant lifestyles, such as purchasing luxury items like supercars and yachts.
For example, one business owner allegedly used company funds to acquire high-end assets, including a McLaren supercar, without properly declaring or paying necessary taxes.
The NTS estimates the value of the properties and luxury goods misused for personal purposes at 138.4 billion won ($99 million).
The tax agency pledged to identify the true beneficiaries of these misappropriated company funds and ensure the proper collection of corporate and income taxes. (Yonhap)
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