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No. of Korea-owned Foreign Subsidiaries in Tax Havens Go Up Updated: 2011-06-22 12:00:00 KST

No. of Korea-owned Foreign Subsidiaries in Tax Havens Go Up
According to figures released by the online data service provider chaebol-dot-com on Wednesday, Korea's 30 largest conglomerates owned 167 foreign subsidiaries in nations or territories identified as tax havens.
This is an 18.4 percent jump compared to a year earlier.
Tax havens impose zero or only nominal taxes, and place little regulation on affiliates and foreign exchange.
Territories like the Cayman Islands and Bermuda are included in the OECD's list of 35 tax havens.
By company, Lotte has the largest number of offshore units operating in these regions with 33, including two new ones in the Cayman Islands and one each in the Virgin Islands and Mauritius.
Following Lotte was Samsung with 30.
The information was released as the National Tax Service is investigating Korean nationals and conglomerates using paper companies and foreign accounts to invest in local stock markets and hide their wealth and earnings.
Oh Jee-hyun, Arirang News.
KOGL : Korea Open Government License
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