The National Tax Service (NTS) has launched a tax probe into Samsung Life Insurance. It is the first time in five years since the tax probe in 2014. Samsung Life Insurance has been under a tax probe organized by the National Tax Service since April 29.
The tax probe is a regular tax audit that is normally conducted every four to five years. Samsung Life reportedly said that it is a regular tax audit and not a special probe.
Samsung Life is likely to face a comprehensive inspection of the Financial Supervisory Service (FSS) in the second half of this year once the tax probe is completed.
Initially, Samsung Life was expected to be on the list of the first general inspection this year, but financial authorities reportedly delayed the schedule to the second half of the year in consideration of the controversy over the retaliatory inspection. Samsung Life has been at odds with financial authorities over a lawsuit against it for not paying the pension immediately.
Although the tax probe is a regular one, Samsung Life will be burdened by a series of investigations as it is set to face a comprehensive inspection of the FSS.
Samsung Life has been at odds with authorities in recent years, including the suicide insurance scandal and immediate pension payments, and consumer protection problems have also been exposed.
"The tax probe by the NTS is more rigorous compared to the FSS's general inspection," an industry source said.