Taxation in North Korean

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A North Korean ran a shell company in a tax haven region, an independent South Korean online news outlet said Thursday in its latest revelation of a list that included three paper companies believed to be linked with Pyongyang.

North Korean economic zones run jointly with the nation’s main ally, China, are wooing investors by promising low taxes and high returns as the totalitarian North seeks to salvage an impoverished economy.

The third meeting in Beijing between China and North Korea for the joint management and development of two economic zones in North Korea has led to expectations that cooperation between the two countries, particularly Chinese investment in North Korea, will increase substantially in the future.

Today President Obama issued an Executive Order freezing the assets of certain persons with respect to the Democratic People’s Republic of Korea (North Korea). This new Order expands the scope of the national emergency declared in Executive Order 13466 of June 26, 2008 and takes additional steps to address that national emergency. In the new […]

The Obama administration is tightening the financial squeeze on North Korea, intensifying sanctions against money laundering, drug trafficking and weapons proliferation and aiming to drain the slush fund used to procure luxury items for the impoverished country’s leaders.

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