It emerged this week that the Korean National Tax Service (NTS) has launched its first investigation into the improper use of tax havens by Korean firms.
Speaking to the Korea Herald on Monday, an unnamed tax official announced that the 65 companies currently being scrutinised by the tax authority are thought to have collectively evaded taxes totalling some 411 billion won.
Previously, transactions between domestic companies and those located abroad were beyond the investigative reach of the NTS, making it possible for Korean firms to structure their affairs in such a way as to illegally evade taxes.
However, according to the tax service official, recently improved information exchange procedures between domestic and foreign regulators: 'began to bring to light veiled deals involving tax havens, enabling tax officials to monitor tax evaders more closely'.
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