July 17, 2014 10:40
The National Tax Service and the U.S. Internal Revenue Service are joining hands to probe the tax records of the fugitive owner of ferry operator Chonghaejin Marine, Yoo Byung-eon, and his family.
The NTS will be able to get information from the IRS about the real estate holdings and income tax filings by Yoo's second son Hyuk-ki, who has a U.S. Green Card.
Seoul and Washington signed a treaty in 2010 to cooperate in investigating individuals
The IRS has access to a wide range of financial information, raising hopes at the NTS of getting a clearer picture of the taxes owed by the Yoo family.
Once charges are filed, the NTS can seek to collect unpaid income and corporate taxes, as well as seizing additional property.
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