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Samsung Heirs to Pay Record-high Inheritance Taxes, but How to Split Late Chief’s Stocks Still Uncertain

Samsung Heirs to Pay Record-high Inheritance Taxes, but How to Split Late Chief’s Stocks Still Uncertain

SEOUL, April 28 (Korea Bizwire) — Heirs of late Samsung Group chief Lee Kun-hee said Wednesday that they would pay more than 12 trillion won (US$10.7 billion) in inheritance taxes, the largest-ever in the country’s history, but did not reveal how they would split inherited stocks among them, a key issue in reshaping the ownership [...]

Income Polarization Apparent as Student Loans Soar

Income Polarization Apparent as Student Loans Soar

SEOUL, Oct. 10 (Korea Bizwire) – Recent data has shown that the polarization of wealth has grown more apparent for youth as an increasing number of college students are struggling under the burden of student loans, while a chosen few thrive with their inherited fortunes. According to the Korea Student Aid Foundation, 2.51 million college [...]

One-stop Inheritance Verification Available to Avoid Mass Debt Passing

One-stop Inheritance Verification Available to Avoid Mass Debt Passing

SEOUL, July 1 (Korea Bizwire) – From now on, one can verify the amount of inheritance including debt from the dead when the death is reported to authorities. In the past, inheritance verification required a number of inconvenient visits to several related offices. The Ministry of Government Administration and Home Affairs announced that it had begun [...]