Korean National Tax Service Launches Rigorous Tax Audit on GA for CEO Insurance Rebates
The Korean National Tax Service (NTS) has initiated a high-intensity tax audit targeting major corporate insurance agencies (GAs) that allegedly provided illegal rebates related to CEO insurance policies. The Korean National Tax Service (NTS) has initiated a high-intensity tax audit targeting major corporate insurance agencies (GAs) that allegedly provided illegal rebates related to CEO insurance policies. This audit involves 47 companies across various sectors, including construction, pharmaceuticals, and insurance brokerage. On September 25, the NTS announced its extensive tax audit involving 17 construction firms, 16 pharmaceutical companies, and 14 insurance brokerage firms, marking a significant initiative since the appointment of NTS Commissioner Kang Min-soo in July. All targeted industries are prohibited by law from offering or receiving rebates. The controversy centers around "CEO insurance," a product that has seen a rise in rebate transactions. CEO insurance is des...