Choi to Pay Highest Inheritance Tax Ever!
Choi Tae Won, current chairman of SK Group, the fifth-largest chaebol, appears likely to pay the largest inheritance tax in Korean history.Choi inherited sizeable real estate holdings and shares in SK subsiduaries upon the death of his father, the late Choi Jong Hyeon- the founder and former chairman of SK Group- in December 1998.
The total amount of his inherited assets is estimatd at more than 100 million dollars.
Thus, given the current inheritance tax rate of 45 percent, he owes 45 million dollars to government coffers.
A source from the National Tax Administration(NTA) said that it is scrutinizing all of Choi's properties and share holdings and impose the proper tax based on the assessment.
The NTA set a February 26 deadline for remitting the tax payment.
with the Korea JoongAng Daily
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