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Incheon Tax Office Audit Fallout | South Korea News
Korea’s Board of Audit and Inspection exposed massive tax mismanagement at Incheon’s tax office, uncovering 30 errors totaling 52.1 billion won in missed or overcharged taxes. The office failed to act on red flags — like a concrete company hiding assets to dodge 25 billion won in capital gains — and ignored suspicious transactions, letting shareholders off the hook for 4.5 billion won in gift taxes. Meanwhile, they overcharged an heir 690 million won using flawed valuation methods, and ignored fake invoices in Paju, rendering over 1 billion won in penalties uncollectible. The audit, the first…
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