The NTS established the Offshore Compliance Enforcement Center (OCEC) in November 2009 in its endeavor to prevent and block offshore tax evasion using international transactions. Since its launch, the OCEC has investigated four companies suspected of setting up a secret fund in a tax haven or having illegal outflow of capital. As a result, it exposed an omitted income amount of 622 billion won. Over 339 billion won of tax will be imposed on concerned entities and a corresponding penalty shall be executed.
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