Seoul Semiconductor Charged 12.2 Bil. Won Tax Penalty from NTS

SEOUL, KOREA- It was reported that the National Tax Service has imposed a penalty of 12.2 billion won to Seoul Semiconductor, a company specializing in the manufacture of LED devices, for overassessing its R&D expenditures for three years between 2010 and 2012.The company later charged the tax payment as a second-quarter corporate tax cost.

A Seoul Semiconductor official said on August 6, "We paid the 12.2-billion-won tax bill in the second quarter. Although we had requested a tax deduction on R&D costs for our three research centers, we later learned such a tax deduction is permitted to up to two research organizations per corporation. It was an honest mistake and there was no intention on our part to evade tax payments."

The 12.2-billion-won corporate tax cost will affect the company's net profit, but not operating profit. As a result, the revised second-quarter net profit of Seoul Semiconductor will be below the consensus level. According to WISEfn Corp., a stock market data provider, Seoul Semiconductor's second-quarter consensus net profit was 13.3 billion won.

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