Overdue taxes jump 46 pct on economic slump: report

SEOUL, June 24 (Yonhap) -- The amount of overdue taxes in South Korea soared 46
percent in the first four months of the year from the end of last year due to a
severe economic slump, the country's tax office said Wednesday.

In a report submitted to the National Assembly, the National Tax Service said a
total of 5.7 trillion won (US$4.45 billion) in taxes went unpaid or were in
arrears in the January-April period.
The number of taxpayers, meanwhile, who failed to pay due taxes increased 22
percent to 965,814 over the cited period, it said.
"The increased overdue taxes are due to the economic slowdown," said an official
at the tax office. "This year's total overdue taxes may top 4 trillion won."
The amount of overdue taxes reached 3.58 trillion won and 3.91 trillion,
respectively, in 2007 and 2008, according to the tax office.
South Korea's economy grew 0.1 percent on-quarter in the first quarter of the
year on increased fiscal spending and rate cuts. But Asia's fourth-largest
economy contracted 4.2 percent in the January-March period compared to a year
earlier.
sam@yna.co.kr
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