South Korea, Hong Kong sign deal to share information on tax evaders

South Korea and Hong Kong have signed a tentative deal to share information on those suspected of evading taxes, the finance ministry here said Sunday. The agreement was made last week during a meeting held in Hong Kong between tax officials of the two nations, according to the ministry. Under the deal, South Korea will have access to information held by financial agencies in Hong Kong on Korean nationals suspected of evading tax payment. The deal requires parliamentary approval and official signing to go into effect, the ministry said. The move comes as South Korea is stepping up its crackdown on offshore tax-evasion attempts as part of efforts to establish fair taxation principles and expand the overall government revenue base.