National Tax Service Conducts Tax Audit on Hyundai Glovis After 5 Years

Hyundai Glovis Undergoes Tax Audit After 5 Years
Seems to Be a Random Selection for Regular Inspection

The National Tax Service has launched a tax investigation into Hyundai Glovis.

According to a comprehensive report from our coverage on the 8th, the National Tax Service began the tax investigation of Hyundai Glovis last month. Considering that the company was previously investigated in 2018, it is highly likely to be a regular tax audit after five years.

The National Tax Service is known to conduct tax audits on corporations or individual businesses once every five years. The reason for the five-year period is that the Basic National Tax Act sets the statute of limitations for national taxes at five years (Article 26-2 of the Basic National Tax Act). Simply put, after five years, even if the National Tax Service becomes aware of tax evasion, it cannot impose taxes.

However, the National Tax Service does not necessarily conduct tax audits every five years. It selects some corporations that have not been audited for more than four years for regular tax audits. Conversely, corporations with issues can be subject to irregular tax audits at any time. In other words, some corporations that have passed five years since their last audit are randomly selected to undergo a regular audit-type tax investigation.

Hyundai Glovis oversees logistics operations within the Hyundai Motor Group, with major businesses including finished vehicle and auto parts transportation, maritime shipping, used car auctions, and raw material brokerage. Chung Eui-sun, Chairman of Hyundai Motor Group, is the largest shareholder with a 20% stake in the company. The market value is approximately 1.29 trillion KRW (based on the previous day's closing price).

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