South Korea's customs agency said Monday that it has uncovered illegal currency transactions valued at more than 1 trillion won (US$933.7 million) taking place through offshore tax havens. The Korea Customs Service (KCS) launched an investigation into the outflow of wealth through illegal foreign currency transactions in June, in line with the government's stepped-up crackdown on offshore tax evasion and underground economic activities. Since 2011, the KCS has set its sights on offshore tax evasion attempts by South Korean nationals in 62 regions abroad that have a history of being designated as tax havens by the Organization for Economic Cooperation and Development and other expert groups. According to an interim report that summarizes what has been achieved from the months-long investigation, the KCS said that it has found 1.01 trillion won worth of illegal foreign currency transactions taking place through those areas, that include the British Virgin Islands. A total of 40 Korean companies were found to have been involved in those transactions. The methods used by those companies to evade taxes include manipulating prices of products being imported and exported, concealing commission fees, stashing away money they earned from evading tariffs in foreign countries, the report said. Offshore tax evasion has been drawing keen attention recently since an independent journalist group earlier disclosed a list of people who it claimed have used paper companies in tax havens in order to evade paying due taxes. Of the companies, the KCS said that it has launched an investigation into 26 firms suspected of engaging in illegal business activities and detected a total of 738.9 billion won worth of foreign currency transactions involving 13 companies.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor