Investments in tax havens reach $23 billion over 7 years

South Korean companies and individuals invested nearly $23 billion in 50 tax havens over the past seven years, data showed Sunday.

According to the data by the National Tax Service and the Export-Import Bank of Korea, South Korean individuals and companies invested $22.77 billion in the tax havens from 2007 through 2013.

The amount represents about 12 percent of overall overseas investments ― worth 197.88 trillion won ($189.4 billion) ― made by South Korea during the period.

Of the tax haven investments, 79.6 percent were made by big local companies, while 9.6 percent were made by small and mid-sized companies.

The amount of money going to tax havens has been on the rise since 2009, when the country was hit by the fallout of the 2008 financial crisis, coming in at 5.41 trillion won in 2013.

The ratio of tax haven investments to South Korea’s overall overseas investment rose to 17.4 percent last year from 8 percent in 2007.

‘‘Conglomerates contributed the most to the increase,” said Rep. Oh Jae-sae of the main opposition New Politics Alliance for Democracy, who demanded the data. (Yonhap)