Korea’s National Tax Service launched an investigation into 30 corporations and individuals suspecting them of tax evasion with the help of offshore tax havens. According to the tax authorities of the country, the targeted entities and individuals are said to have concealed their money through offshore paper companies in the BVI and other offshore jurisdictions.
Han Sung-hee, NTS assistant commissioner for investigation, said that tax investigations will be “unprecedented”; he also noted that they have access to large amounts of information about foreign accounts for investigations, due to this year’s enforcement of the US-led Foreign Accounts Tax Compliance Act. However, the names of suspected companies and members were not disclosed by the agency.
Korea’s tax agency urged taxpayers who did not report the amount of assets based in foreign countries to do it by March, 2016, which is the deadline for the grace period.