POSCO Construction, 100% Responsibility for Subcontracting Income Tax Payment

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction announced on the 2nd that from this month, it will pay the entire cost of revenue stamps, which were previously split evenly with subcontractors when signing subcontracting contracts.

According to POSCO Engineering & Construction, revenue stamps attached to subcontracting contracts with contract amounts exceeding 10 million KRW have typically been shared equally by both parties.

The number of contracts requiring revenue stamps is about 3,300 annually, amounting to 400 million KRW.

POSCO Engineering & Construction expects this win-win measure to support subcontractors by approximately 200 million KRW.

Additionally, POSCO Engineering & Construction plans to enhance work efficiency by developing an RPA (Robotic Process Automation) system by the end of this month, in collaboration with POSCO ICT, to automate the simple and repetitive tasks of purchasing revenue stamps and processing vouchers.

With the introduction of the RPA program, tasks previously handled by contract managers?such as confirming contracts for purchase targets, purchasing revenue stamps, verifying payment certificates, and preparing revenue stamp management ledgers?will be automatically and repeatedly performed on a daily scheduled basis, thereby reducing annual administrative work hours.

A POSCO Engineering & Construction official stated, “From the business perspective of the Corporate Citizenship Practice Guide (CCMS), we implemented this system to achieve mutual growth with our subcontractors,” and added, “We will continue to develop and implement programs that coexist and prosper together with our subcontractors.”

This content was produced with the assistance of AI translation services.