Hyundai E&C is undergoing an ad hoc special tax audit by the National Tax Service.
According to the construction industry on the 16th, the National Tax Service on the morning of the day sent about 100 employees from the Investigation Bureau 4 of the Seoul Regional Tax Service to Hyundai E&C's headquarters in Gye-dong, Jongno-gu, Seoul, and deposited materials related to the tax audit.
This tax audit is being carried out for the first time in three years since Aug. 2022.
Three years ago, the Investigation Bureau 1 of the Seoul Regional Tax Service conducted a regular tax audit of Hyundai E&C and imposed an additional tax of about 40 billion won.
In contrast, for this audit, the National Tax Service is said to have assigned the Investigation Bureau 4 of the Seoul Regional Tax Service to Hyundai E&C.
The Investigation Bureau 4 of the Seoul Regional Tax Service is in charge of special (non-regular) tax audits rather than general regular audits. It handles cases where suspicions such as creation of slush funds or tax evasion are clear.
A Hyundai E&C official said, "It is true that the National Tax Service began the audit this morning," but added, "We do not know for what reason they launched the audit."
An official at the National Tax Service said, "Under the Framework Act on National Taxes, we cannot provide information on individual taxpayer matters such as the commencement of a tax audit."