ID :
199203
Fri, 08/05/2011 - 00:37
Auther :
Shortlink :
https://oananews.org//node/199203
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S. Korea, Bahamas forge partnership to tackle tax evasion
(ATTN: ADDS photo)
By Lee Chi-dong
WASHINGTON (Yonhap) - South Korea and the Bahamas sealed a pact Thursday on the exchange of tax information as part of Seoul's move to tighten the noose on international tax evasion, officials here said.
The agreement was signed between South Korea's ambassador to the U.S., Han Duck-soo, and his Bahamas counterpart, Cornelius Smith, at the South Korean Embassy in Washington.
It is expected to help South Korea trace individual or corporate funds hidden overseas for the purpose of tax evasion, according to embassy officials.
The Bahamas, in the Atlantic Ocean north of Cuba, is considered a tax haven by the Organization for Economic Cooperation and Development.
"We now have stronger tools to prevent tax evasion through a tax haven area," an embassy official said.
South Korea has been stepping up efforts to fight international tax evasion since the outbreak of the global financial crisis in 2008.
The Bahamas is the fourth nation with which South Korea formally signed such a tax information sharing agreement. Earlier agreements were with the Cook Islands, the Marshall Islands and Vanuatu.
By Lee Chi-dong
WASHINGTON (Yonhap) - South Korea and the Bahamas sealed a pact Thursday on the exchange of tax information as part of Seoul's move to tighten the noose on international tax evasion, officials here said.
The agreement was signed between South Korea's ambassador to the U.S., Han Duck-soo, and his Bahamas counterpart, Cornelius Smith, at the South Korean Embassy in Washington.
It is expected to help South Korea trace individual or corporate funds hidden overseas for the purpose of tax evasion, according to embassy officials.
The Bahamas, in the Atlantic Ocean north of Cuba, is considered a tax haven by the Organization for Economic Cooperation and Development.
"We now have stronger tools to prevent tax evasion through a tax haven area," an embassy official said.
South Korea has been stepping up efforts to fight international tax evasion since the outbreak of the global financial crisis in 2008.
The Bahamas is the fourth nation with which South Korea formally signed such a tax information sharing agreement. Earlier agreements were with the Cook Islands, the Marshall Islands and Vanuatu.
