Tax agency to probe 41 businesses for causing consumer price instability
Korea's tax agency said Monday it has launched probes into 41 businesses for allegedly engaging in unfair practices and contributing to consumer price instability, as the government seeks to curb inflation ahead of the Chuseok holiday. The National Tax Service (NTS) said the move came after it detected cases in which businesses inflated production costs and ultimately passed the burden on to…
The Korea tax agency announced on Monday that it has initiated investigations into 41 businesses for engaging in unfair trade practices and exacerbating consumer price instability in the run-up to the Chuseok holiday. The government's move aims to curb inflation ahead of the holiday period.
The National Tax Service (NTS) stated that the probe stems from detecting instances where businesses artificially inflated their production costs, subsequently transferring the financial burden onto consumers. The investigation targets 23 agricultural product retailers, including 11 egg producers suspected of under-reporting billions of won in profits.
Additionally, the NTS has launched probes into 12 grain, fruit, and meat retailers, encompassing businesses that allegedly inflated expenses and under-reported sales while benefiting from tariff quota advantages.
Moreover, the agency detected suspected cost manipulation and irregular accounting practices at 16 food franchises. Notably, Korea's largest food delivery platform, Baedal Minjok, or Baemin, is also under suspicion for evading approximately 100 billion won (US$74.3 million) in taxes through intricate capital transactions involving its German parent company.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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