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S. Korea, Macao agree on exchanges of tax documents

All News 11:49 January 24, 2016

SEOUL, Jan. 24 (Yonhap) -- South Korea and Macao agreed on Sunday to exchange tax documents to root out South Koreans in the special administrative region of China who are trying to evade taxes.

The Ministry of Strategy and Finance said the deal will allow local authorities to look into financial and taxation information of South Korean companies and citizens based in Macao in case of tax evasions.

The sides can also make requests for business information, including transactions and management structures.

The information, however, must remain confidential and can only be used against those concerned.

The agreement needs to be ratified by the parliament.

South Korea has clinched similar deals with 18 countries, with those with the Cook Islands, the Marshall Islands, the Bahamas, and Bermuda having taken effect.

colin@yna.co.kr
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