Home shopping company Hyundai Hmall said on Tuesday that it was slapped with a tax penalty from the National Tax Service for underpayment of sales tax.
The fine is worth about 54.2 billion won ($50.5 million), which accounts for about 6.5 percent of the company’s 832.4 billion won in capital.
The state-run tax agency imposed the penalty on the company for not following its sales commission tax policy, having paid less tax than other major home shopping firms for the last five years.
Hyundai Hmall plans to appeal the case, claiming that the company followed the commission tax calculation method of ordinary department stores.
(
joowonc@heraldcorp.com)
