Lone Star not leaving before paying corporate tax on gains
The National Tax Service said yesterday it plans to levy a corporate tax on Lone Star Fund’s profits made from selling property in Seoul.
The Government of Singapore Investment Corporation bought the former Star Tower, now renamed Gangnam Finance Center, from the U.S. buyout fund in the early 2000s.
The tax authority will impose a corporate tax instead of income tax on the gain following a ruling by the Supreme Court, which saw Lone Star as an overseas corporation, according to the tax agency. The amount that will be levied was not disclosed.
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