Latest news with #InheritanceTaxandGiftTaxAct
Korea Herald
26-05-2025
- Business
- Korea Herald
Stock undervaluation prevention, bank branch closure notices
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Lee So-young (Democratic Party of Korea) ● This amendment aims to prevent controlling shareholders from inducing stock undervaluation to reduce inheritance or gift taxes during succession. If the assessed value of listed shares falls below 80 percent of their net asset value, the same valuation method used for unlisted shares will be applied, reflecting both assets and earnings. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Choi Soo-jin (People Power Party) ● This amendment aims to curb Google's forced in-app payment policy by specifying prohibited acts of major app market operators and banning the imposition of unreasonable or discriminatory conditions on the use of external payment systems. Pending Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As banks tend to facilitate the transition to digital services and close physical branches, this amendment seeks to protect digitally vulnerable individuals by requiring advance notice before any branch closure. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill lowers the consent threshold for forming a reconstruction project association from at least 75 percent to 70 percent of all strata title holders in each unit of a housing complex. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss Competent Authority: Financial Services Commission ● This amendment requires specialized credit financial companies and credit service providers to verify users' identities during financial transactions, aiming to prevent telecommunications-based financial fraud.
Korea Herald
31-03-2025
- Business
- Korea Herald
Inheritance tax system reform, aircraft parts tax exemption
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Kwon Young-se (People Power Party) ● This amendment abolishes the inheritance tax on a surviving spouse by eliminating the current deduction cap of 3 billion won ($2.03 million), thereby allowing a full deduction of the inherited amount. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Jung Sung-kook (People Power Party) ● This amendment includes cryptocurrencies as eligible investment assets for asset management companies, enabling collective investment schemes under the Financial Investment Services and Capital Markets Act to issue and trade cryptocurrency-related products. Pending Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Huh Young (Democratic Party of Korea) ● This amendment expands the range of measures available to local governments when a superstore shows insufficient progress in implementing its regional cooperation plan. Authorities may not only recommend improvements but also disclose the subject and content of those recommendations, issue performance orders or impose charges to compel compliance. Promulgated Bill: Customs Act Competent Authority: Ministry of Economy and Finance ● This bill extends the tax exemption period for aircraft parts through the end of this year to support the aviation industry. It also broadens the scope of virtual asset service providers required to submit taxation data, aiming to curb illegal trading and property concealment through virtual assets by delinquent taxpayers. ● This amendment introduces an inheritance acquisition tax system, under which heirs pay inheritance tax based on the amount of the property they receive.
