As Golf Gets Pricier, Tax Man Takes Note
The National Tax Service announced Monday that it has raised the basis price for golf course membership by an average of 11.6 percent from the last calculation in February, following increases in membership costs.The basis price is set at 90 percent of the market price and is used when the tax office estimates capital gain tax from sales or inheritance of memberships.
In the tax office's report, the price of membership for the East Valley golf course, which has not yet opened, was the most expensive, at 432 million won ($332,052). Second was Lakeside golf course at 428 million won.
The tax office reported the basis prices of membership for 118 golf courses throughout Korea and plans to start applying them on Wednesday.
with the Korea JoongAng Daily
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