Pres. Park places priority on exposing underground economy to raise revenue
President Park Geun-hye has emphasized that exposing the underground economy should be the first step in securing the funds needed to fulfill her welfare pledges,NOT tax increases.
In a meeting with her senior secretaries Tuesday, President Park said the government should first root out tax evasion through a crackdown on the black economy and make sure tax revenues are NOT used for less urgent matters.
She also expressed her regret over the restrictions added to the Financial Intelligence Unit law, which allows the nation's tax agency to access the intelligence unit's transaction and settlement data when tax evasion is suspected.
The president said the revision has makes it hard for the government to raise the amount of revenue it needs.
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