The National Tax Service was said on the 13th to be conducting a special tax audit of KB Kookmin Bank. The tax audit of the financial sector is the third, following Hana Financial Group and Hana Bank, and Meritz Securities in May.
According to reporting compiled by ChosunBiz that day, the Investigation Bureau 4 of the Seoul Regional Tax Service reportedly detected suspected tax evasion at KB Kookmin Bank and is conducting a special tax audit.
This tax audit is known to be an extension of the financial-sector tax audits that began in May. President Lee Jae-myung, at a Cabinet meeting on May 6, called for expanding inclusive finance for low-credit borrowers and noted, "The very idea that making money is the purpose of existence for financial institutions is the problem." Two days later, the National Tax Service conducted a special tax audit of Hana Financial Group and Hana Bank, and on the 11th it targeted Meritz Securities.
The National Tax Service is said to be closely examining whether there are suspicions of tax evasion in the process by which the financial sector pays large performance bonuses and compensation to management.