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Exchange Bank Tax Probe Extended

Posted May. 13, 2006 06:54,   


The tax investigation of Korea Exchange Bank (KEB) will be extended for two more months. The investigation began in February.

A KEB official explained yesterday, “The National Tax Service (NTS) was supposed to finish its tax investigation by May 4, but the final day for the investigation has been extended to July 18.”

The NTS revealed that the forthcoming investigation is related to KEB’s corporation tax.

Across financial sectors, however, the tax agency is reportedly focusing on collecting tax-related documents on Lone Star’s profits on previous sales before Lone Star sells its KEB shares to other institutions.

The KEB official added that the NTS is looking into overall data including the merging process of KEB Credit Service, KEB’s credit card subsidiary, in addition to the bank’s corporation tax.

Keuk-In Bae bae2150@donga.com