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Tax agency launches probes into offshore tax evasion

All News 12:00 March 24, 2021

SEOUL, March 24 (Yonhap) -- South Korea's tax agency said Wednesday it has launched probes into suspected offshore tax evasion by more than 50 individuals and foreign companies as it seeks to strengthen its crackdown on tax dodgers.

The National Tax Service (NTS) said it has cracked down on 48 people and six firms on alleged tax evasions.

The tax agency said it is looking into suspected tax evasion cases by people with dual nationality, and those who used tax havens or shell companies to illegally accumulate wealth or conceal offshore assets.

The NTS said it plans to collect overdue taxes after the probe and take stern actions against tax dodgers, including filing complaints with the prosecution.

Since 2019, the tax office has collected a combined 1.2 trillion won (US$1 billion) in unpaid taxes from offshore tax evaders through three rounds of tax probes into 318 people and companies.

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