[Alpha Biz=(Chicago) Reporter Kim Jisun] "Never give someone a car with employee discount."

Hyundai Motor and Kia recently announced this to executives and employees. "There were problems about discounts on car prices to employees during regular tax audits by the National Tax Service," the company said. "The reason why other people purchase them under employees' names and use discounted vehicles is because there is a possibility of tax evasion."

The National Tax Service reportedly said, "If the name of the vehicle and the actual operator are inconsistent under the Corporate Tax Act, they can be seen as evading taxes. If the issue related to the discount on employees' vehicles is not improved by the next tax audit, we will tax retroactively by selecting employees with clear tax evasion."

The National Tax Service (NTS) sees △ if the amount of money sold again is more than the acquisition value △ if the discounted vehicle is handed over to another person. If such cases are found within five years of the statute of limitations, the National Tax Service can impose taxes of up to 20 million won on individuals caught.

Hyundai Motor and Kia are selling vehicles at up to 30% discount to executives and employees. Retired people will also receive a 25% discount once in two years (Hyundai Motor) or three years (Kia). Some of them are known to have others use the cars they bought instead. The National Tax Service understands that there is a possibility of tax evasion if the car insurance subscriber of the vehicle is different from the person who purchased it.

Hyundai Motor and Kia explained that they posted a notice of "no illegal use" to prevent some employees from abusing the benefits provided by the company in terms of employee welfare.

 

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