Growing entertainment costs for Korean businesses face scrutiny
Korean businesses
Sejong - Yonhap
Costs of entertaining clients have been going up almost every year for South Korean businesses, straining their resources and undermining fair competition, but they are about to come under heavier scrutiny following the passage of a new anti-graft law.
Data out Monday from the National Tax Service showed that South Korean companies spent some 9 trillion won (US$7.9 billion) on various entertainment, including dinners and drinks, in 2013, an 80 percent spike from 5.4 trillion won in 2004. Entertainment expenses have been on the rise since 2000, with the only exception being in 2005.
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