South Korea Imposes Largest Tax Penalty Ever Against Hyundai and its Founding Family

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Friday, November 1, 1991
Volume: 
7
Issue: 
11
Abstract: 
On November 1, the Office of National Tax Administration announced that Hyundai, Mr. Chung Ju Yung, the Hyundai Group founder, and eight members of his family must pay taxes and penalties of won 136bn (L106m) for the evasion of inheritance and capital gains taxes and illegal share transactions. The Tax penalty is the largest ever imposed on a business group in South Korea and follows steps by South Korea to impose greater reporting and recordkeeping requirements in the foreign area, thereby signaling its determination to enhance tax enforcement on both the domestic and international focus.