Investigation Bureau 4 of the Seoul Regional Tax Office
Reason for Tax Audit Remains Unconfirmed
Hyundai Engineering & Construction has undergone a special tax audit by the National Tax Service.
On December 16, the National Tax Service dispatched around 100 staff members from the Investigation Bureau 4 of the Seoul Regional Tax Office to Hyundai Engineering & Construction’s headquarters in Gye-dong, Jongno-gu, Seoul, to conduct the investigation. Investigation Bureau 4 at the Seoul Regional Tax Office is responsible for irregular special tax audits when there are clear suspicions such as the creation of slush funds or tax evasion.
This audit is taking place three years and four months after Hyundai Engineering & Construction last underwent a regular tax audit in August 2022. At that time, Investigation Bureau 1 of the Seoul Regional Tax Office imposed an additional tax of approximately 40 billion won.
The specific reason for the tax audit has not been confirmed. A National Tax Service official stated, "We cannot disclose information regarding tax audits of individual taxpayers." A representative from Hyundai Engineering & Construction said, "It is true that a tax audit is underway, but we do not know the purpose of the investigation."
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