Wealth hidden under borrowed names nears 5 tln won in Korea

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.