Multinational tech giant Oracle has been charged $293 million 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.
Oracle was told of the tax debt in January last year, when the National Tax Service charged Oracle with evasion of corporate tax payments from 2008-2014.
The outfit was accused of funnelling 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 channelled profits generated in South Korea to an Irish subsidiary.
It was found that those funds profited the company’s headquarters in the United States.
Because of this, the NTS figured out that Oracle should have paid taxes on profits generated in South Korea to the South Korean government.