Finally the National Tax Service ruled in favor of Hana Bank in its 1.8 billion tax evasion case. On February, NTS forced Hana Bank to pay up to 1.7 trillion won ($1.8 billion) in penalty taxes for unfair corporate income tax evasion in the course of a merger with the Seoul Bank back in 2002(Here is my previous post on this case). Hana bank appealed and NTS ruled on June 6 that the merger was not a reserved merger so the bank do not need to pay the penalty. The NTS will return the 198.3 billion won Hana Bank paid toward the penalty late last month. Here is a related news article.
© 2008 Wonil Chung, a Korean Business Lawyer/Chung & Partners, a Korean Business Law Firm. All rights reserved. Some copyrights, photos, icons, trademarks, trade dress, or other commercial symbols that appear on this post are the property of the respective owners.