Xinhua, Seoul :
South Korea’s financial regulator said today that market to trade gold on spot will be opened next Monday to disclose gold transactions, which were blamed for tax evasion and illegal trading.
The South Korean government unveiled a plan last July to let gold be traded in an open arena as part of efforts to bring the underground economy to the open and help prevent tax evasion and illegal transactions.
Gold held by South Korean individuals was estimated at around 700 tons, seven times the 104 tons held by the Bank of Korea (BOK), the country’s central bank. Some 70 tons of gold was known to be traded annually without being taxed.
