According to recent media reports, Korea’s National Tax Service confirmed that it has recently commenced a large-scale investigation of a number of foreign investment funds on suspicion that they may be evading capital gains tax.
It is said that tax auditors have targeted around eleven foreign funds operating in Korea, including those managed by investment banks Morgan Stanley and J.P Morgan, according to a Korea Times report.
UK-based banking group HSBC has also seen increased scrutiny from the NTS, which has resulted in the firm receiving fines for reportedly evading 7 billion won ($6 million) in taxes, sources told the Times.
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