The National Tax Service (NTS) has initiated an irregular special tax investigation into KB Kookmin Bank. Approximately 30 investigators from the Seoul Regional Tax Office's Investigation Division 4 have been deployed for this inquiry.
According to the finance sector on the 13th, the Investigation Division 4 began securing necessary materials for the tax investigation at KB Kookmin Bank's new building in Yeongdeungpo, Seoul, earlier today. The investigation is expected to continue until the end of this year.
This division primarily handles irregular investigations related to corporate tax evasion and the creation of slush funds, rather than regular tax audits. The specific reasons and scope of the current investigation have not been disclosed.
This marks the third time this year that the Seoul Regional Tax Office has launched an irregular investigation into a financial institution. Following tax audits of Hana Financial Group, Hana Bank, and Meritz Securities in May, KB Kookmin Bank has now come under scrutiny just three months later.
The timing of the investigation coincides with President Lee Jae-myung's remarks regarding the public nature of the financial sector, leading to speculation that tax audits may expand across the finance industry. President Lee has pointed out the vulnerabilities in the public nature of financial institutions.
As the NTS targets large financial firms again, there is growing interest in the connection between this investigation and the push for enhanced public accountability in the finance sector. The NTS maintains that it cannot disclose the reasons or details regarding individual corporate tax investigations.
* This article has been translated by AI.
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