ID :
190261
Wed, 06/22/2011 - 06:49
Auther :
Shortlink :
https://oananews.org//node/190261
The shortlink copeid
Korean conglomerates' units in tax havens jump
SEOUL (Yonhap) - Large South Korean companies sharply increased the number of their subsidiaries in countries with no tax pacts with Seoul this year, data showed Wednesday, raising concern over corporate attempts to evade taxes.
The data comes as the National Tax Service (NTS) is investigating suspicions that Korean nationals used accounts at Swiss banks to hide money that was later used to invest in stocks on the market here.
As of end-May, the country's top 30 conglomerates had 167 wholly owned units in countries that have not signed tax agreements with South Korea, up 18.4 percent from 141 a year earlier, according to the data by information services firm Chaebul.com.
Lotte Group topped the list with 33 subsidized overseas units, including those located in tax havens such as the Cayman Islands, Mauritius and the Virgin Islands. Samsung Group followed with 30, and LG Group came next with 21.
South Korea has been stepping up efforts to clamp down on overseas tax evasion schemes amid rising concerns over individuals and companies who establish paper companies and foreign accounts to hide their wealth and earnings.
The NTS recently said it plans to carry out joint investigations with foreign tax authorities and probe overseas financial accounts.
As of June 2010, South Korea had tax agreements with 77 countries, including the U.S., China, Japan and Britain.
The data comes as the National Tax Service (NTS) is investigating suspicions that Korean nationals used accounts at Swiss banks to hide money that was later used to invest in stocks on the market here.
As of end-May, the country's top 30 conglomerates had 167 wholly owned units in countries that have not signed tax agreements with South Korea, up 18.4 percent from 141 a year earlier, according to the data by information services firm Chaebul.com.
Lotte Group topped the list with 33 subsidized overseas units, including those located in tax havens such as the Cayman Islands, Mauritius and the Virgin Islands. Samsung Group followed with 30, and LG Group came next with 21.
South Korea has been stepping up efforts to clamp down on overseas tax evasion schemes amid rising concerns over individuals and companies who establish paper companies and foreign accounts to hide their wealth and earnings.
The NTS recently said it plans to carry out joint investigations with foreign tax authorities and probe overseas financial accounts.
As of June 2010, South Korea had tax agreements with 77 countries, including the U.S., China, Japan and Britain.
