[THE INVESTOR] Korea’s tax agency said on Sept. 12 that it will beef up its crackdown on offshore tax evasion by local companies and individuals as part of its ongoing effort to enforce the fair levying of dues.
The National Tax Service said it plans to conduct a probe into 65 companies and 28 individuals over offshore tax evasion.
The agency collected 1.32 trillion won (US$1.23 billion) in taxes from suspected offshore tax evaders last year, slightly more than the 1.3 trillion won collected the previous year.
So far this year, the agency has collected 541 billion won in taxes as a result of 58 cases of suspected offshore tax evasion.
Offshore tax evasion has been on the rise in recent years, as some wealthy people have shifted their assets to tax havens in an apparent move to exploit legal loopholes.
By Song Seung-hyun and newswires (firstname.lastname@example.org)