Kolon Industries ordered to pay large corporate tax

[THE INVESTOR]  Kolon Industries has been ordered to pay 74.3 billion won (US$66.05 million) additional corporate taxes. The order was issued following a recent audit by the Seoul branch of the National Tax Service.

The company is required to pay the tax by the end of the year.

Kolon Industries said that it will review the order, and will take steps according to tax regulations.

Having posted sales of about 4.86 trillion won in 2015, the firm accounts for about half of Kolon Group’s annual sales.

By Choi He-suk (cheesuk@heraldcorp.com)