[Alpha Biz=(Chicago) Reporter Kim Jisun] It was belatedly reported that eight credit card companies filed a joint lawsuit with the three telecommunications companies to return KRW 250 billion worth of unfair profits.

According to the financial sector, eight credit card companies, including Shinhan, Kookmin, Samsung, Hyundai, Lotte, Hana, BC and Nonghyup, filed a lawsuit with the Seoul Central District Court in July last year seeking the return of 250 billion won worth of unfair profits from three telecommunication companies including SK Telecom, KT and LG Uplus.

Credit card companies and telecommunication companies offer 'discount on communication costs' through alliances, and telecommunication companies pay VAT for all telecommunication costs, including discounts. The government received 250 billion won in VAT back in 2022 when it made an authoritative interpretation that the discount on credit card communication costs was not subject to VAT taxation.

In response, the credit card company claims that the three telecommunication companies should return the VAT refund for the credit card communication fee discount they received after filing a correction request with the National Tax Service.

 

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