Hyundai Heavy Industries faces 120 billion won tax demand

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Hyundai Heavy Industries faces 120 billion won tax demand

Hyundai Heavy Industries, Korea’s No. 1 shipbuilder, has been slapped with about 120 billion won ($100 million) worth of taxes, according to the industry on Wednesday. The shipbuilder headquartered in Ulsan was told by the National Tax Office to pay the taxes after a regular audit in April.

It is expected that if the company pays all of the taxes, it will not be able to swing back into the black this year. The shipbuilder posted a total deficit of 4.7 trillion won for the past two years. The company has requested a tax tribunal, claiming it is unfair for the tax authority to collect such a large amount of taxes from a money-losing shipbuilder.

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