NTS to postpone tax probe on firms until June

¡°Considering the recent difficult economic condition, the National Tax Service will postpone its general tax investigations into companies until the end of June this year in principle,¡± Ahn Jung-Nam, administrator of the NTS, said Tuesday.

In a social meeting held at the Korea Chamber of Commerce and Industry in Seoul, Administrator Ahn said, ¡°The NTS has made this decision in a bid to promote activity enthusiasm of enterprises to the maximum.

¡°However, the NTS is planning to conduct a tax probe on some businesses suspected of having omitted income to avoid taxation and reporting relevant tax materials untruthfully.

Yet he made no comments on the background of the NTS¡¯s intensive tax investigation into media.

Among enterprises to be free from the NTS tax investigation in the first half are those contributing greatly to employment and economic growth, productive small- and medium-sized firms and venture companies, those placed under a court management or in the process of structural adjustment, exemplary firms in the labor-management cooperation, and faithful taxpayers who are suffering transient management difficulties, Administrator Ahn said.

Through on-the-spot investigations and computer analysis in the future, NTS will conduct tax probes on those trying to avoid the use of credit cards or use the cards irregularly, professionals suspected of having neglected to report income to avoid taxes, those suspected of having evaded taxes or carried foreign currencies abroad, and those disturbing the distribution order, he added.