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Oracle Charged $293M In South Korean Back Taxes ( 19

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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Oracle Charged $293M In South Korean Back Taxes

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  • Now enforce it and set an example.

  • South Korea finds Oracle funneled revenues to Ireland, but those revenues actually should have gone to the United States HQ. South Korea thus decides Oracle owes SK taxes.

    ... if those revenues were not taxed because they were booked as taken in Ireland, and they're actually taken in the United States, doesn't that mean Oracle owes the United States money and owes South Korea nothing?

How come financial advisors never seem to be as wealthy as they claim they'll make you?