S.Korean private sectors' investment in tax havens increases

Investment in tax havens by South Korean firms and individuals over the past seven years amounted to nearly 22.8 billion dollars.

On Sunday, the National Tax Service (NTS) submitted a report to the National Assembly, which shows the private sectors' investment in some 50 overseas tax havens from 2007 to 2013.

Big conglomerates account for about 80 percent of the total investment, at 20 trillion won, while small-and-medium-sized companies make up 9.6 percent.

With more money going to tax havens, tax penalties have also jumped from 150 billion won in 2008 to nearly 1 trillion won last year. The NTS stresses that it will closely monitor tax havens to counter tax evasion overseas.