On Sept. 11 2009, the National Tax Service (NTS) of Korea released the criteria for selecting auditees for 2009 regular corporate tax audits after reviewing and consulting with an 「Audit Selection Committee」 and the 「Advisory Committee for National Tax Administration」. The new criteria were devised as part of the NTS efforts to change its directions of tax administration for the improvement of the objectivity and predictability in choosing audit subjects.
According to the criteria, companies with their sales revenue of 500 billion KRW or more are audited every 4 years. Companies with the sales amount of 5 billion KRW or more are first evaluated for their tax compliance and decided whether they would come under tax audit. Those with the sales of less than 5 billion KRW are also evaluated for their tax compliance first and decided whether they would be audited, or sometimes selected for audits on a random basis.
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