According to a report in the Korean Herald, the Ministry of Finance and Economy revealed in its report to the National Assembly last week that local firms have invested a total of 1.4 billion won ($1.2 million) in 'uncooperative' tax havens.
The report showed that the highest proportion of this money was invested in the Marshall Islands (which accounted for some $1.14 million), with the rest mainly distributed between Monaco and Liberia.
However, the ministry believes that the real figure is far higher, and attributes the conservative figures to the reluctance of Korean firms to fully reveal the extent of their offshore investments.
This assertion would appear to be supported by figures from the National Tax Service which revealed last year that 45 local firms were alleged to have evaded domestic taxes by moving money offshore, depriving the government of some 400 billion won in tax revenues.
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