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Tax Diagnostic Service

CENTRIC delivers the highest standard of tax diagnostic services through a dedicated team of experts:
• Former National Tax Service (NTS) investigators with decades of audit experience
• Certified Public Accountants (CPAs) with deep knowledge of corporate accounting
• Tax attorneys with strong theoretical expertise in tax law

Service Overview

We help clients recover overpaid taxes caused by errors in tax filings or misapplications of tax law through amended return or correction claim procedures.
Tax risks embedded within a company must be managed proactively.
• Where clear errors are found, we assist with amended returns to reduce penalties and prevent escalation into tax crime investigations.
• For uncertain tax issues, we help clients obtain authoritative advance rulings through the official inquiry process.

Drawing on extensive experience—including successful diagnostics for Korea’s top 10 conglomerates and leading banks—we provide effective services to corporations of all sizes, across every industry.

Process of Tax Diagnostic Services

We conduct a detailed review of the company’s current situation, identify tax risks and issues by category, and propose optimal solutions to minimize risks.

  • Deployment of top tax professionals with extensive audit experience
  • Identification of tax risks and issues, followed by optimal solutions
  • Preparation for effective response to future tax audits
    Strengthening of tax capabilities and internal control systems
    Ensuring long-term business stability
Types of Tax Diagnostic Services

Clients may choose from various types of services depending on their tax issues or internal control needs.

  • Comprehensive Diagnostics

    Covers all business units and processes, including corporate tax, VAT, inheritance and gift taxes, and issues arising from share transfers.

  • Partial Diagnostics

    Focuses on specific taxes (e.g., corporate tax, income tax), transactions (e.g., mergers, spin-offs), or business units/accounts selected by the client.

  • Integrated Diagnostics

    Combines comprehensive or partial diagnostics with related business processes, corporate accounting, and internal control systems for a holistic review.

Expected Benefits

The primary goal is to effectively prepare for future tax audits.
1. Advance review of internal controls, tax/accounting processes, and supporting documentation
2. Identification of potential tax risks and issues
3. Reduction of risks through advance rulings and proactive preparation
By strengthening tax expertise and refining internal control systems, CENTRIC helps ensure management stability
1. Tax risks that can be avoided are proactively resolved
2. Unavoidable risks are mitigated through amended filings or prior preparation
Overpaid taxes caused by filing errors or misapplication of tax law are recovered through correction claim procedures

Major Achievements

  • Company P

    Revised executive bonus payment rules and welfare regulations to comply with tax requirements, eliminating the risk of non-deductible expenses.

  • Company S

    Provided advisory on correction claims related to errors in equity method accounting and tax adjustments.

  • Company B

    Reviewed actual ownership of overseas related parties to adjust applicable withholding tax rates.

  • Company L

    Advised on comprehensive business transfer and refined methods for setting R&D and manpower development reserves, mitigating risks of non-issued tax invoices and non-deductible expenses.

  • Company H

    Reviewed low-price sales to related entities and assessed potential tax avoidance motives, resolving risks of denial under the unfair transaction rules.

  • Company S

    Examined appropriateness of brand royalty payments and refined calculation methods, reducing risks of denial under the unfair transaction rules.

  • Company L

    Investigated delayed collection of receivables from overseas related parties, mitigating transfer pricing risks.

  • Company P

    Reviewed appropriateness of commission payments to overseas related parties and prepared transfer pricing documentation to avoid reassessment risks.

  • Company K

    Advised on correction claims for underreported job-creation tax credits, securing refunds.

  • Company S

    Improved expense documentation to eliminate risks of non-deductible treatment.

  • Company I

    Reviewed issuance methods of tax invoices for advertising services and refined contracts, addressing risks of penalties for improper invoicing.

  • Company T

    Examined promotional fees paid to tour guides, preventing non-deductible risks and improving expense documentation.

  • Company S

    Assessed appropriateness of advisory fees paid to retired executives and recommended improvements.

  • Company N

    Reviewed SME qualification criteria to ensure tax benefit eligibility.

  • Company K

    Filed correction claims for investment tax credits and SME social insurance premium credits.

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