The National Tax Service said Wednesday that it has officially launched a probe into 23 individuals and companies suspected of evading tax payments through their accounts via paper companies set up in tax havens.

Of the 23, eight may have allegedly avoided paying taxes through ghost companies in the British Virgin Islands, another eight people via Hong Kong and the rest through offshore accounts in Panama, it noted.

It remains to be seen whether the list of 23 include those holding tax haven accounts exposed by the Korea Center for Investigative Journalism, also known as Newstapa, as the NTS did not fully reveal their names and affiliations.

However, given that the state tax auditor constantly looks into conglomerates over allegations of offshore tax evasions, its list could include those with tax haven accounts unveiled by Newstapa, NTS officials said.

It cautiously added that the 23 include companies the public may be very familiar with.

The KCIJ, in collaboration with the International Consortium of Investigative Journalists, disclosed 12 corporate executives, conglomerate owners and their relatives operating paper companies in tax havens.

Executives and family members connected to Hyosung, OCI, Korean Air, Daewoo International, Hanjin Shipping, SK and Hanwha have been found to own paper companies in tax havens.

The NTS said that it will use all of its available resources to track down and find traces of those who had allegedly avoided paying taxes through offshore accounts.

This has been one of its top priorities along with normalizing the underground economy to seek taxation and help the administration of President Park Geun-hye to secure the budget to finance welfare expansion.

Levying appropriate taxes on wealthy individuals and self-employed people who earn high incomes are also the NTS’ priority, as announced early this year.

The tax authorities have so far investigated 83 cases of offshore tax evasion and charged additional tax levies of some 480 billion won on those found guilty of tax avoidance since early this year.

It is currently looking into 45 cases, in addition to the 23 the NTS announced on Wednesday.

This along with the KCIJ’s disclosures, as well as public support, will push the NTS to gain momentum with its investigations in line with global efforts to combat and curb tax avoidance.

Governments around the world are also targeting those suspected of holding tax haven accounts as they seek to sustain government spending amid the economic slowdown.

The NTS said it will thoroughly analyze the KCIJ’s data, which officials said may take more than a month.

They said it is wrong to presume that the 12 are guilty of tax evasion just by revealing that they own offshore paper companies.

The key is to find the truth and purpose behind the establishments of such paper companies in tax havens, the NTS noted.

By Park Hyong-ki (hkp@heraldcorp.com)