Economy
Taxes
Sold the House, but the Money and People Stayed the Same… The Secret of “2 Minutes and 13 Seconds” [Taxes, What Happens Next]
On June 6, 2020, Mr. Kim sold his apartment in Guri, Gyeonggi Province, to Mr. Lee, a former coworker. However, Mr. Kim did not move out. As of 2026, he continues to live in that apartment. The transa…
Taxes
63 Trillion Won in Excess Tax Revenue—All Going into the Future Fund?…“We Should Pay Off Government Debt First”
With national tax revenue this year expected to exceed the forecast made at the time of the supplementary budget by 63.2 trillion won, plans for utilizing the massive tax surplus have emerged as a key…
Taxes
“I even signed a promissory note?”… The “Money” Trap That Sparked a Family Feud During the Holidays
Three years ago, on Chuseok, a man in his 40s, identified only as Mr. A, attacked his father with a weapon in Gimcheon, North Gyeongsang Province, following a dispute over property. He also brandished…
Taxes
[Exclusive] “Gift Tax on the Late Cho Yang-ho’s ‘67 Billion Won’ in Overseas Assets Was Justified”… The Full Story Behind the Hanjin Family’s Lawsuit Defeat
In a gift tax lawsuit worth tens of billions of won between the Hanjin Group’s controlling family and tax authorities over trust assets held overseas by the late Cho Yang-ho, former chairman of Hanjin…
Taxes
"I Don't Work"... The Unexpected Turn of Events That Turned the National Tax Service on Its Head [Taxes, What Happened Next]
Established in 1996 in Uiryeong County, South Gyeongsang Province, this shipbuilding equipment parts manufacturer is a typical family-owned business, with CEO Lee holding a 70% stake and his wife, Ms.…
Taxes
A Nation Ablaze, a Gold Mine for Them… The 'Wildfire Cartel' That Swallowed 70 Billion
Mr . A, who was engaged in forestry projects in the North Gyeongsang Province area, formed an “organization” by mobilizing five shell companies and then frequently moved his operations to South Chungc…
Taxes
An Apartment to Make Up for Lost Money—But After Selling It in Just Three Months, I’m Told to Pay 100 Million? [Taxes, What Happened Next]
Last June, Mr. Kim received an unexpected tax bill. It stated that he owed an additional 100 million won in capital gains tax on an apartment he had sold four years earlier.Mr. Kim had neither purchas…
Taxes
'Rollback' of 1.2 Billion Won Comprehensive Real Estate Tax Deduction for Non-Resident Single-Home Owners… ISA Reform Withdrawn
The government has decided to withdraw its plan to lower the basic exemption amount for the Comprehensive Real Estate Tax for non-resident single-homeowners to 900 million won starting next year and t…
Taxes
Will the Financial Investment Tax Be Revived for Cryptocurrency Taxation?… Research Report: “The Financial Investment Tax Should Be Introduced”
As the government and the ruling party plan to implement taxation on virtual assets starting next year, proposals have emerged to introduce a tax similar to the Financial Investment Income Tax (FIT). …
Taxes
Even if You Lose 100 Million Won, You’ll Owe Tax on Cryptocurrency If You Make 10 Million Won the Next Year… A Closer Look at the Tax Rules
The Democratic Party of Korea and the Ministry of Economy and Finance have agreed to implement taxation on digital assets (virtual assets) as originally proposed starting next January. With the Nation…