Quoting the data by the Korea Customs Service, Yonhap News Agency revealed that it has caught 22 cases of illegal wealth transfer attempts in 2010 aimed at evading taxes by using foreign tax haven countries.
In the year 2007, only 13 cases were caught.
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Further, the data showed that the cases of illegal wealth transfer involved a total of 152.8 billion won (US$132.8 million) in 2010, up from 16.6 billion won in 2007.
The number of money laundering cases also jumped from 6 to 43 during the same period; whereas the money involved came to 92.4 billion won, up from 8.3 billion won.
The data also showed that the number of paper companies established in tax haven countries by local businesses totaled 4,875 at the end of 2011.
So far South Korea has signed anti-double taxation pacts with 77 countries and has agreed to exchange tax-related information with tax authorities in 15 countries and regions.
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By GlobalData
