Korea Gas Corporation faces extra W100b tax bill

[THE INVESTOR] Korea Gas Corporation, the nation’s public natural gas company, is liable to pay over 100 billion won (US$91.6 million) in extra taxes following extensive investigation by the tax agency.

The National Tax Service charged 124.9 billion won to the state-run energy company in the form of corporate and individual consumption taxes due to failed tax payments on some of its gas product sales. 

Tax authorities began investigating Korea Gas Corporation‘s accounting practices and financial statements in December last year.

The gas company said it will file a suit to protest the tax agency’s decision, saying “the tax agency is trying to impose excessive taxation.”

By Park Han-na (hnpark@heraldcorp.com)