Smuggling case settled: Hyundai forks out P700M after getting caught cheating
The carmaker wanted no further trouble.
Hyundai Asia Resources, Inc. has reportedly settled over P700 million worth of taxes with the Bureau of Customs, representing unpaid import dues and value-added tax.
This comes after the House Committee on Ways and Means conducted a probe into the deal and checked whether the Korean manufacturer was involved in smuggling.
Abante reported that Customs and Hyundai has reached an understanding. Hyundai had apparently interpreted the government’s Motor Vehicle Development Program wrong and thought they only had to pay 1% of taxes, instead of 30%.
Suansing said that Customs made the car company pay the discrepancy, which was “more than P700 million.” The suspension order has also been lifted.