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S. Korea calls for OECD to tackle tax avoidance

09:50 May 24, 2019

SEJONG, May 24 (Yonhap) -- South Korea's vice finance minister has called on the Organization for Economic Cooperation and Development (OECD) to tackle the issue of tax avoidance, the finance ministry said Friday.

Lee Ho-seung made the comment at the OECD ministerial council meeting in Paris earlier this week, according to the ministry.

South Korea's Vice Finance Minister Lee Ho-seung (Yonhap)

The OECD has said more than 125 countries and jurisdictions are collaborating to implement measures to tackle base erosion and profit shifting (BEPS).

BEPS refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations, according to the OECD.

In 2015, leaders of the Group of 20 agreed to give countries the tools they need to ensure that the so-called Google tax will be levied against multinationals that try to avoid paying their dues in countries where they make a profit.

Separately, Lee met with Sigrid Kaag, the Netherlands' minister for foreign trade and development cooperation, and they agreed to expand economic cooperation between the two countries.

Trade volume between South Korea and the Netherlands stood at US$10.8 billion in 2017, up from $8.1 billion in 2016, according to South Korean government data.

Lee also held talks with Gabor Gion, state secretary at Hungary's Ministry of Finance, and they discussed ways to boost economic cooperation.

Gion asked South Korean companies to expand their investments in Hungary, which is home to 121 South Korean companies, including Samsung Electronics Co., LG Electronics Inc. and SK Innovation Co., a maker of electric vehicle batteries, according to the ministry.

entropy@yna.co.kr
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