Chanel and Louis Vuitton Could Be Next Target Of Korean Tax Authorities
It looks like these luxury brands may be the next target of South Korean tax authorities as they finish with Starbucks:
The National Tax Service’s (NTS) special audit of Starbucks Korea could be a warning sign for other multinational corporations here suspected of tax evasion.
Korea Times
The tax probe of the U.S. multinational coffeehouse brand seemed to be an irregular one that the tax agency could have launched against any firm operating in the country suspected of evading tax.
The NTS has been probing offshore tax evasion since the beginning of this year, mainly targeting multinational tech companies and imposing 1.33 trillion won in penalties for tax evasion. Companies generating over 150 billion won in sales are subject to a special audit.
In this case, luxury brands like Chanel and Louis Vuitton could also be targets.
You can read more at the link.
So do the post town shops still sell the Louis Vuitton suits like they did in the 1980s? I could get a fairly easy to spot knock off any day of the week. Had a guy in my unit who looked like a giant handbag in his suit….
Moon trying to get all the change from between the couch cushions.
Any foreign company with any sense will get out of Korea ASAP.
No. Any foreign company that is evading taxes should get out of Korea ASAP. Foreign luxury brands have gouged priced their Korean consumers for years. If they don’t want to give up their goose that lays their eggs, they should stop evading taxes and pay their fair share. Even Samsung and Chaebols are all taken to tasks, why should foreign luxury goods companies get a pass?