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Games & Commerce

NTS finds tax evasion in food monopoly crackdown; OB Beer 100 billion won, Binggrae 20 billion won

OB Beer and Binggrae were hit with additional taxes after South Korea\'s National Tax Service found signs they avoided taxes by inflating expenses through rebates and related-party transactions. The tax agency said it uncovered 389.8 billion won in tax evasion by companies that raised prices while using dominant positions, and collected 178.5 billion won in additional taxes. It plans further audits targeting processed foods, distributors and franchise headquarters.

Industry

Flour, sugar prices fall but food makers hesitate to cut processed food prices

Major flour and sugar producers including CJ CheilJedang, Samyang and Daehan Flour Mills have decided to lower supply prices, but it is unclear whether that will lead to cheaper bread, snacks and other processed foods. The industry says labour costs, auxiliary ingredients and inflation still limit price cuts. Companies cited international raw sugar and wheat prices and government policy. Prosecutors indicted executives at six milling firms over alleged price fixing.