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National Tax Service headquarters, South Korea (Yonhap) |
[Alpha Biz= Paul Lee] SEOUL, Sept. 3, 2024 – The National Tax Service (NTS) has initiated a tax investigation into Yuhan-Kimberly, South Korea’s leading household goods manufacturer, marking the first such audit in four years.
According to industry sources and government officials, the Seoul Regional Tax Office’s International Transaction Investigation Bureau dispatched investigators to Yuhan-Kimberly’s headquarters in Songpa-gu, Seoul, in mid-August. The company previously underwent a tax audit at the end of 2020.
Industry observers largely view the latest investigation as a routine audit, given the four-year cycle commonly applied to major corporations.
Founded in 1970, Yuhan-Kimberly is one of Korea’s most prominent foreign-invested enterprises. It was established as a joint venture between U.S.-based Kimberly-Clark Corporation and South Korea’s Yuhan Corporation. As of the end of 2024, Kimberly-Clark Trading LCC, a Hungarian subsidiary of Kimberly-Clark, holds a 70% stake, while Yuhan Corporation owns 30%.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
