Finance Minister Yoo Il-ho says South Korea will support the efforts by Asia-Pacific countries to strengthen the tax-collecting capacities and prevent tax evasion by multinational companies.

Yoo made the vow in a keynote speech Wednesday opening the two-day First High-Level Follow-up Dialogue on Financing for Development in Asia and the Pacific in Sondgo, Incheon.

Yoo said that the government will double its efforts to cooperate on strengthening taxation capacities in the Asia Pacific, and assist in building an efficient taxation system in the region via the Economic Development Cooperation Fund(EDCF).

He also said that as a co-chair of the Asia-Pacific Regional Network on Base Erosion and Profit Shifting or BEPS, South Korea will do its best to encourage other countries in the region to join in efforts against such corporate tax evasion by multinational companies.

Yoo also pledged to attract private sources in order to help developing countries in the region also improve their financial capacities.