An anonymous reader quotes The Stack: Multinational tech giant Oracle has been charged $293 million USD for corporate tax evasion in South Korea. The $293 million charge is made up of back taxes, as well as a punitive charge from the government tax agency. The company was originally notified of the tax debt in January of last year, when the National Tax Service charged Oracle with evasion of corporate tax payments on 2 trillion won in earnings from 2008-2014. Oracle was accused of funneling revenues to Ireland to avoid paying taxes in South Korea. In an audit of the company’s books, the tax authority found that Oracle had channeled profits generated in South Korea to an Irish subsidiary; however, it was found that those funds ultimately profited the company’s headquarters in the United States. Because of this, the NTS determined that Oracle should have paid taxes on profits generated in South Korea to the South Korean government.
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