Opposition head pleads for support in ‘fight against Yoon dictatorship’
Xi says he will consider S. Korea visit
BTS' Suga begins military service
Opposition party leader ends 24-day hunger strike for treatment
Surveillance cameras to be a must in hospital operating rooms
[Weekender] Behind the scenes of Korean food crazes
US finalizes national security 'guardrails' for CHIPS funding
S. Korea calls on Russia to 'transparently explain' its dealing with N. Korea amid suspected arms supply agreement
[Herald Interview] ‘Another Body,’ a riveting documentary on devasting effects of deepfake porn
Allies vow stern measures against Russia-N. Korea arms deal
30 conglomerates have 231 units in tax havens: dataBy 김연세
Published : Feb. 14, 2011 - 19:10
According to online data service provider chaebol.com, Korea’s 30 major business groups operate 231 subsidiaries in tax-havens such as Hong Kong, Luxembourg, Bermuda and the Cayman Islands.
Samsung Group topped the list with 38 units in tax havens including Hong Kong, Malaysia, Singapore, the Netherlands and Panama.
Lotte Group ranked second, operating 32 units in tax havens including the Virgin Islands, followed by SK with 25, LG with 21, CJ with 19, and Doosan with 17.
GS Group and Hyundai Group held nine and eight, respectively. Among others were STX (seven), Hanjin (six), Hyundai Motor (four).
Several of the overseas units in such areas providing tax benefits are reportedly known as bogus firms with no business activities, allegedly established to raise offshore funding at lower costs.
The number accounts for 12.7 percent of the combined 1,831 overseas corporations owned by the 30 conglomerates. Their establishment of businesses in tax havens is regarded as a move to enjoy tax exemption or to pay lower taxes.
This means each major Korean business group operates seven or eight overseas tax haven-based units on average.
Hong Kong hosted the most foreign tax haven units of local conglomerates, accounting for 72 of the total 231 entities, followed by Singapore at 47 units, according to the data.
In 2002, the Organization for Economic Development and Cooperation designated 35 countries and regions, including Ireland, Switzerland and Marshall Islands, as tax havens.
By Kim Yon-se (firstname.lastname@example.org)
Modern pentathlete Kim Sun-woo wins silver for S. Korea's 1st medal in Hangzhou
[Hello Hangeul] The making of Korean language textbooks featuring BTS
Korea’s parental leave benefits lag behind OECD average