Korean business fined for hiding profits in Cayman

| 12/04/2011

(Yonhap News): South Korea’s national tax office has slapped a combined US$437.1 million in penalties on businessmen and companies for evading taxes. There were 41 cases of tax evasion detected in the first three months of this year, and those cheaters evaded taxes by hiding personal wealth in overseas tax havens or falsifying export and import documents, the National Tax Service (NTS) said. The tax office said it has levied 410.1 billion won in penaltytaxes on a businessman who operates a fleet of 160 vessels through various paper companies headquartered in a tax haven. The office didn’t disclose the identity of the tax cheater. "The person, who resides in South Korea, has never paid local taxes while holding profits in accounts in Switzerland, the Cayman Islands and Hong Kong," the NTS said.

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