S. Korea agrees on info-sharing with tax haven nations

SEOUL, Feb. 2 (Yonhap) -- South Korea has agreed with three tax haven countries
to exchange information in a bid to intensify a crackdown on tax evasion attempts
by its nationals, the finance ministry said Tuesday.
According to the Ministry of Strategy and Finance, the government initialed the
deals with Bermuda, Guernsey and the Marshall Islands last month to share
tax-related information.
The deal increased the number of tax haven countries with which South Korea has
agreed on information-sharing to six, including Samoa, the Cook Islands and the
Bahamas, the ministry said.
Under the deals, both parties are required to provide information on individuals
and corporate entities on which each seeks to enforce its domestic tax laws. This
includes data related to financial transactions, ownership and accounting
figures, the ministry said.
The move is aimed at helping the Seoul government crack down on tax evasion
attempts by its citizens. Many tax havens in the Caribbean and the Pacific do not
levy capital gains, income or inheritance taxes.
The ministry said that it will continue to push for similar deals with other
nations and regions as part of its efforts to keep tabs on tax dodgers.
kokobj@yna.co.kr
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