Korean companies fined millions of dollars for tax evasion
27 May 2010
The Korean National Tax Service (NTS) has issued fines against four Korean companies for tax evasion worth W662billion ($53 million) after cracking down on local owners of bank accounts in Switzerland, Hong Kong and Singapore.
"Over W339 billion of tax will be imposed on concerned entities and a corresponding penalty shall be executed," the tax service said on its website.
"The announced assessment figure of W340 billion appears to include the delinquent tax amount plus tax penalties; we note that there could be penalties for violation of FX and other regulatory reporting requirements and also criminal prosecution," said Soo Jeong Ahn of Yulchon, a Korean law firm.
A global initiative on the exchange of tax information that began at the G20 heads of government meeting in London in 2009 meant the NTS could investigate overseas bank accounts for the first time. The meeting forced offshore tax havens to disclose secret bank accounts if the a jurisdiction could...
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