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4 Korean Companies to Pay US$270 Mil. for Offshore Tax Evasion Updated: 2010-05-25 12:00:00 KST

4 Korean Companies to Pay US$270 Mil. for Offshore Tax Evasion
Korea's National Tax Service ordered four domestic companies and business owners to pay nearly 340 billion won, or roughly 270 million US dollars, in fines for tax evasion.
The firms and owners were found to have reaped as much as 500 million dollars in illegal profits by creating slush funds through overseas bank accounts and fixing sales figures.
The Korean tax agency says their wrongdoings were detected after cracking down on 14 bank accounts in Switzerland, Hong Kong and Singapore, among others.
This was the first time the National Tax Service was able to investigate overseas bank accounts thanks to international cooperation by tax authorities.
KOGL : Korea Open Government License
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