SD Biosensor fined over 100 billion KRW in additional tax... "Proceeding with appeal process"

SD Biosensor announced on the 27th that it has been imposed a supplementary tax payment of 102.1 billion KRW by the Central Regional Tax Office. This amount corresponds to 3.47% of the company's equity as of the announcement date, and the payment deadline is June 30.

SD Biosensor CI. [Photo by SD Biosensor]

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According to SD Biosensor, the company relocated its factory to Cheongju, Chungbuk in 2013 and has received tax reductions on income generated from that factory. The Central Regional Tax Office explained that it imposed a supplementary tax payment in the 100 billion KRW range, stating that the tax reduction received due to relocating the factory to a provincial area was deemed inappropriate.

A company representative said, "This supplementary tax amount is related to the tax reduction on income generated from the factory relocated to the provinces," adding, "There is a difference in interpretation with the tax authorities regarding the application of tax reductions on income generated from the factory." The representative further stated, "We have faithfully fulfilled our tax reporting and payments every year, and there is a disagreement with the decision of the Central Regional Tax Office."

They continued, "We plan to pay the tax amount within the payment deadline and exercise the taxpayer's rights as stipulated by law to proceed with a legitimate appeal process."

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