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Taeyoung Corp., a mid-tier construction company, is undergoing a special tax audit with regard to alleged tax evasion involving its affiliates, sources familiar with the issue said Sunday. The National Tax Service (NTS) admitted that its special team is looking into the Seoul-based builder although the agency refused to reveal details, citing the sensitivity of the probe. The investigation is expected to generate big aftershocks because Taeyoung is the eventual owner of SBS, one of the country’s terrestrial broadcasters. Plus, those in charge of the probe are also out of the ordinary. ``It is true that the fourth bureau is currently investigating Taeyoung,’’ a high-ranking NTS official told The Korea Times without elaborating. If the audit is a regular one carried out every four or five years, the first bureau is supposed to assume the task. The fourth bureau is a specialized team for large firms’ tax evasion. ``When the fourth bureau takes action, the chances are that the team has suspicions with substantive evidence. Otherwise, they hardly come to the fore even though I’m not aware of the Taeyoung case,’’ an NTS official said. Taeyoung Corp. established SBS in 1991 but had to dispose of its 30-percent stake in the broadcaster in 2008 in the face of criticism that a private company should not own a TV network. However, Taeyoung maintained its influence in SBS because it managed to secure the majority of shares in the new holding company, SBS Media Holdings. Some SBS insiders have complained that the broadcaster sells its content to its sister firms, distributing soap operas or other programs so that they can inflate their profits. ``We have heard of the grievances that SBS programs are offered to its sister firms at lower than market prices, which helped the latter chalk up better bottom lines,’’ an SBS unionist said. ``In other words, the content distributors can have better profitability at the expense of SBS. SBS Holdings cannot easily make profit with SBS due to strong regulations on TV stations but that is not the case for its sister companies. The result is Taeyoung can fatten its wallets through SBS Holdings.’’ Asked whether the tax probe by the fourth bureau is about Taeyoung itself or its subsidiaries, however, the senior NTS official remained tight-lipped. When contacted, a Taeyoung spokesman admitted that the fourth bureau of the NTS was involved. But he added that the ongoing tax audit is a regular one, which takes place in five years, and officials from the first bureau are also part of the probe.
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| voc200@koreatimes.co.kr |
