The government has submitted ratification bills for parliament to approve information sharing deals with two tax haven countries to intensify its crackdown on offshore tax evasion, government sources said Friday.
The government recently submitted the bills for a National Assembly session scheduled for next month to ratify the deals it signed with the Bahamas and Vanuatu, according to the sources.
Under the deals, the government will be able to request from them such information as business registration, business ownership, accounting and financial transactions related to its nationals.
As of April, South Korea had signed such contracts with 17 tax havens. Of them, only the deals with the Cook Islands and Marshall Islands went into effect.