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ASIA: South Korean Tax office launches probes into offshore tax evasion.


Added on 16/05/2019

As published on n.yna.co.kr, Thursday 16th May, 2019.

 

South Korea's tax agency said Thursday that it has launched probes into dozens of companies and individuals suspected of offshore tax evasion.

The National Tax Service (NTS) said the crackdown targets 84 companies -- 63 South Korean firms and 21 foreign companies -- and 20 individuals, though it did not disclose the names of the companies and individuals.

The NTS has collected more than 1 trillion won (US$840 million) in taxes from offshore tax evaders per year since 2013.

Offshore tax evasion has been on the rise in recent years, as some wealthy people have shifted their assets to tax havens in an apparent move to exploit legal loopholes.