SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s inheritance tax system, among the highest in developed nations, is hampering business continuity and economic dynamism, according to a new report released on November 18 by the Korea Chamber of Commerce and Industry (KCCI). The report, “Five Reasons Why Inheritance Tax Reform is Necessary,” comes as the government’s [...]
SEOUL, July 25 (Korea Bizwire) – The government will push to reduce inheritance tax to reflect decades of changes in asset values and inflation, and to provide a tax credit for marriage and childbirth in an effort to boost the ultra-low birth rate, the finance ministry said Thursday. They are part of a tax code [...]
SEOUL, May 27 (Korea Bizwire) – Business leaders in South Korea are urging an overhaul of the nation’s inheritance tax system, arguing that the current rates are stifling economic dynamism and hampering investment and job creation. In a report published on May 26 titled “Problems with the Inheritance Tax System and Proposed Improvements,” the Korean Chamber [...]
SEOUL, Sept. 2 (Korea Bizwire) — The government has launched a drive to introduce an inheritance acquisition tax, which levies a tax equivalent to the amount of property inherited by heirs. The Ministry of Economy and Finance recently placed an order for a related research service concerning the legislation of a new taxation system on [...]
SEOUL, Oct. 9 (Korea Bizwire) — The family of late Samsung Group Chairman Lee Kun-hee plans to sell stakes in group affiliates worth 2 trillion won (US$1.6 billion) to pay inheritance taxes, regulatory filings showed Saturday. Hong Ra-hee, the widow of the late business tycoon who died in October last year, plans to sell 19.9 [...]
SEOUL, April 30 (Korea Bizwire) — Family of the late Samsung Chairman Lee Kun-hee will be borrowing an unprecedented amount from banks to pay for a certain portion of their inheritance tax of 12 trillion won (US$10.8 billion). For the public, this seems rather unfair, since current restrictions imposed by financial authorities allow banks to [...]
SEOUL, April 21 (Korea Bizwire) — With the deadline for Samsung scions to pay their colossal inheritance tax looming, eyes are on to what extent the move will involve late Samsung Chairman Lee Kun-hee’s art collection, believed to fetch up to 3 trillion won (US$2.7 billion). The senior Lee, who was South Korea’s richest man, [...]
SEOUL, April 14 (Korea Bizwire) — Scions of Samsung Group, South Korea’s top conglomerate, are putting the final touches to their massive inheritance tax payment plan as the deadline nears. The scions of the late chief have reportedly completed appraisal of artworks and real estate that were owned by late group chairman Lee Kun-hee and [...]
SEOUL, Oct. 25 (Korea Bizwire) — As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea’s top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday [...]
SEJONG, Oct. 25 (Korea Bizwire) — An average of about 60 trillion won (US$53.09 billion) worth of wealth has been transferred or handed down every year since 2003, but less than half of the recipients had to pay taxes, data showed Wednesday. According to records from the National Tax Service that were analyzed by the [...]