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 National Tax Service (NTS) has initiated investigations into 41 businesses for alleged unfair practices contributing to consumer price instability, as the government aims to control inflation before the Chuseok holiday. The probe targets 23 agricultural product retailers, comprising 11 egg producers suspected of underreporting significant profits, and 12 grain, fruit, and meat retailers, including those that allegedly inflated expenses and underreported sales.
Additionally, the agency is scrutinizing 16 food franchises for suspected cost manipulation and irregular accounting practices. Notably, Korea's largest food delivery platform, Baedal Minjok or Baemin, is being investigated for allegedly avoiding approximately 100 billion won in taxes through intricate capital transactions with 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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