Friday, November 27, 2009

Hong Kong: a stink in the fragrant port

From the Korea Times:

Hong Kong is one of the most beautiful cities in the world with its name meaning "fragrant port," but there is a smelly part of the city ― the tax evasion base for Koreans. . . Brokers in Hong Kong have provided schemes for offshore tax evasion. They even provide customer-specialized schemes on how to hide corporate and slush funds in the tax haven," Park Yun-jun, assistant commissioner of the National Tax Service (NTS) said."

And of course:

"The official admitted that many cases occurred in the city, but there was a limit to investigations because Hong Kong refuses to exchange information on taxation with Korea."

Hong Kong: fragrant or stinking? You decide.

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