Imposition of Additional Corporate Tax
2004-03-08On March 4, 2004, Kookmin Bank announced that the Seoul National Tax Service imposed on Kookmin Bank approximately 130 billion Korean Won in additional corporate taxes. The additional taxes were the result of the tax authority’s review of Kookmin Bank for the fiscal years from 1998 to 2002.
According to the decision of the tax authority, Kookmin Bank was imposed 82.6 billion Korean Won and 47.7 billion Korean Won of additional corporate taxes for the fiscal years 1998 and 1999, respectively.
Kookmin Bank is required to pay the additional taxes for 1998 by March 31, 2004, and the due date for the additional taxes for 1999 has yet to be determined by the tax authority.
As previously disclosed on March 3, 2004, net losses of Kookmin Bank will increase accordingly by 142 billion Won (including municipal tax) for the fiscal year ended 2003 to approximately 753 billion Korean Won from the prior figure of 611 billion Won.
For further details of Kookmin Bank’s financial information, please refer to Kookmin Bank’s audit report and financial statements for the fiscal year of 2003, which will be disclosed separately today.