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THE INVESTOR
June 13, 2021

Economy

NTS to reduce probes into companies

  • PUBLISHED :July 01, 2019 - 11:08
  • UPDATED :July 01, 2019 - 11:08
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South Korea’s new tax chief vowed July 1 to cut the number of probes into companies to ensure their normal business operations will not be undermined.

National Tax Service Commissioner Kim Hyun-jun also said in his inaugural ceremony that the tax agency will cut the ratio of irregular tax probes into companies. He did not elaborate.


He added that the tax agency will crack down on offshore and other tax evasion to establish a fair taxation system.

In May, the tax agency launched probes into 84 companies -- 63 Korean firms and 21 foreign companies -- and 20 individuals for their alleged offshore tax evasion.

The NTS has collected more than 1 trillion won ($867 million) in taxes from offshore tax evaders per year since 2013.

Offshore tax evasion has been on the rise in recent years as some wealthy people have shifted their assets to offshore tax havens in an apparent move to exploit legal loopholes and not pay their dues.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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