SINGAPORE: The National Tax Service has levied taxes on SK Shipping and its Singapore-based subsidiary following a special audit, according to reports Aug. 29.
The tax agency analyzed SK Shipping and SK B&T’s books from 2010 to 2014 and levied 42 billion won (US$3.73 million) in corporate and additional taxes. SK Shipping was taxed 36.9 billion won, and SK B&T 5.1 billion won. The firm is considering legal steps to fight the decision.
The Seoul branch of NTS had been auditing SK Shipping since February, and determined that the transfer of bunkering operations to SK B&T had been undervalued.
In 2012, SK Shipping sold its bunkering business and related facilities for an undervalued price, leading to a decrease in its corporate tax. The tax office also concluded that SK Shipping did not fully pay the taxes resulting from its sale of ship fuel to SK B&T.
