NTS launches special tax audit of KB Kookmin Bank

Korea's National Tax Service has begun a nonroutine audit of the bank through its Investigation Bureau IV team.

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The National Tax Service's office in Sejong
The National Tax Service's office in Sejong

The National Tax Service (NTS) has launched a special tax audit of KB Kookmin Bank over suspected tax evasion.

Investigators from Investigation Bureau IV of NTS's Seoul Regional Tax Office were dispatched Thursday to KB Kookmin Bank’s headquarters building in Yeongdeungpo District, western Seoul, to secure accounting records and other materials needed for the audit.

Investigation Bureau IV, sometimes referred to as the “corporate grim reaper,” handles nonroutine tax audits, including cases involving suspected corporate tax evasion, rather than regularly scheduled ones.

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The audit is expected to continue through the end of this year. The specific reason for the audit has not been confirmed.

“We cannot confirm information concerning tax audits of individual taxpayers,” the NTS said.

BY CHO MUN-GYU [kim.hayoon1@joongang.co.kr]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.


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