Uncollected taxes in South Korea rise in 2008

SEOUL, Sept. 20 (Yonhap) -- The amount of uncollected taxes in South Korea grew
last year from a year earlier amid a protracted economic slump, a report showed
Sunday.
According to the report by the National Tax Service, a total of 3.52 trillion won
(US$2.92 billion) in taxes went unpaid or was in arrears last year, up from the
previous year's 3.12 trillion won.
The increase comes as South Korea's economy suffered from the financial
turbulence and resulting global downturn last year. Its economy contracted 5.1
percent in the final quarter of 2008.
The nation's overdue taxes had been on the decline until 2006 before turning
upward starting in 2007, the report showed.
kokobj@yna.co.kr
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