'Corporate Tax Portal' Posco Construction and Employee Fined 20 Million Won

[Asia Economy Reporter Seongpil Jo] POSCO Engineering & Construction and its employee, who were indicted on charges of corporate tax evasion, were sentenced to fines.

On the 11th, Judge Hwanseung Yang of the Criminal Division 3 at the Seoul Central District Court sentenced POSCO Engineering & Construction and employee Park to fines of 20 million won each for violating the Tax Offenses Punishment Act. This amount is the same as the prosecution's original summary order request. The court stated, "The amount of tax evaded is not insignificant, and there is little room to consider the motive or circumstances. However, since POSCO Engineering & Construction paid the evaded amount in full through amended filings and Park has already been separately punished in related cases, there seems to be no need to increase the fine beyond the summary order."

Previously, Park was summarily indicted with a fine of 20 million won for evading about 100 million won and 5.8 million won in corporate taxes in April 2015 and April 2016, respectively, before being referred to a formal trial. POSCO Engineering & Construction was also prosecuted under the joint penalty provision.

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