President Lee signaled in a press conference Thursday that he will maintain the threshold for major stockholders subject to paying capital gains tax at the current 5 billion won ($3.6 million), rather than lowering it to the proposed 1 billion won.
Liberal Democratic Party (DP) leader Lee Jae-myung signaled agreement on Friday to a proposal by the conservative People Power Party (PPP) to abolish death duties for surviving spouses.
Conservative People Power Party (PPP) interim leader Kwon Young-se said Thursday that his party will “abolish” inheritance tax for the transfer of assets from a deceased individual to their surviving spouse.
Acting President Choi Sang-mok on Tuesday reiterated the need to revise Korea's decades-old inheritance tax system, stressing that taxation policies should be “reasonable” to reflect the evolving economic landscape.
Partisan mudslinging over inheritance tax reform is heating up as the country's main parties jockey to position themselves as proponents of lower death duties.
We need an entirely different approach to the inheritance tax.
The Inheritance tax has become a major factor behind the Korea Discount.
Not even a single bidder took part in the failed second attempt to sell the government's nearly 30 percent stake in gaming giant Nexon.
The Finance Ministry said Monday it will sell its stake in NXC, a holding company known for its video game subsidiary Nexon, valued at an estimated 4.7 trillion won ($3.62 billion).
Since the death of the late Samsung Chairman Lee Kun-hee in October 2020, the family has been paying inheritance taxes in installments for the assets inherited according to a five-year plan. The total inheritance tax amounted to 12 trillion won.
Korea JoongAng Daily Sitemap
