National Tax Service Initiates Tax Audit on HDC Hyundai Development Company

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The National Tax Service has launched a tax investigation into HDC Hyundai Development Company, a major construction firm ranked 9th in construction capability evaluation.

According to industry sources on the 31st, the National Tax Service dispatched employees to HDC Hyundai Development's headquarters in Yongsan-gu, Seoul, to secure related materials. The investigation was conducted by the 4th Investigation Division of the Seoul Regional Tax Office. The 4th Investigation Division is responsible for non-regular special tax investigations rather than routine tax audits.

Earlier, HDC Hyundai Development received an eight-month business suspension administrative penalty from the Seoul Metropolitan Government in connection with the collapse of a demolition building in Hakdong, Gwangju, which occurred in June last year. Subsequently, the Ministry of Land, Infrastructure and Transport demanded deregistration as a penalty for responsibility in the collapse accident of Hwajeong I-Park in Seo-gu, Gwangju, putting HDC Hyundai Development in the biggest crisis since its founding.

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