BUSINESS

Korea slaps more than W1.3tr in taxes on offshore tax evaders

By Yonhap
  • Published : Sept 24, 2017 - 14:11
  • Updated : Sept 24, 2017 - 14:11
South Korea's tax authorities have imposed 1.307 trillion won ($1.15 billion) in taxes on offshore tax evaders last year, an opposition lawmaker said Sunday.

The National Tax Service has collected only 1.067 trillion won in taxes as some people filed complaints with the country's Tax Tribunal against its decisions to slap taxes on offshore tax evaders, said Park Myung-jae, a lawmaker of the Liberty Korea Party, citing data provided by the tax agency.
 
(Yonhap)

Offshore tax evasions have been on the rise in recent years as some wealthy people shifted their assets to offshore tax havens in an apparent move to exploit legal loopholes and not pay their dues.

It marked the first time that the tax agency has issued more than 1.3 trillion won in taxes, a dramatic increase from 150.3 billion won in 2008.

Han Seung-hee, the commissioner at the NTS, said during his confirmation hearing in June that the agency will further crack down on offshore tax evasions. (Yonhap)