Seoul: Seventeen local producers of daily necessities, including products such as sugar, sanitary pads, and skin care items, are currently under investigation for alleged profiteering and tax evasion, as announced by tax authorities.

According to Yonhap News Agency, the National Tax Service (NTS) disclosed that these companies allegedly evaded taxes amounting to 400 billion won (USD$276.3 million) over the past five years. They reportedly employed unfair methods to inflate the prices of their products, thereby engaging in profiteering activities.

Furthermore, some companies are accused of improperly pursuing private gains for their controlling family members, intensifying the seriousness of the allegations. Among the entities under scrutiny is a conglomerate specializing in food additives and a sanitary pad producer that notably increased the price of one of its products by 33.9 percent.

The NTS has emphasized its commitment to closely monitoring and investigating businesses that engage in unfair practices leading to increased prices of daily necessities, which directly impact ordinary citizens.