Korean conglomerates raise presence in offshore tax havens: data
Social affairsOct 14, 2016
South Korea's large businesses have continued to increase their direct investments in overseas tax havens, adding to concerns about possible tax evasion attempts, a lawmaker said Friday.Conglomerates here remitted a total of 441.5 trillion won to such countries as Bermuda, the Cayman Islands and Panama between 2011 and 2015, according to Rep. Park Kwang-on of the main opposition Minjoo Party of Korea.The amount is based on the won-dollar exchange rate at the end of 2015. On Thursday morning, the