South Korea’s National Tax Service (NTS) has established a task force to monitor the illegal movement of funds abroad and the avoidance of taxes offshore.
The 15 members of the new task force hope to control what the NTS sees as increasing attempts at tax evasion across borders. It will obtain and scrutinize foreign investments by Korean companies and individuals.
The opening by businesses of vehicles in offshore jurisdictions, and remittances abroad by individuals for investment purposes, will come in for particular scrutiny.
In line with a global approach, and using the bilateral agreements South Korea already has with a large number of countries for the exchange of tax information, the NTS will also increase its contacts with foreign revenue agencies in order to obtain more data on the activities of South Korean tax residents.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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