It means to give assets directly. In addition, in the case of a generation-skipping gift, the gift tax that must be paid when giving to a child can be avoided, so the gift tax is 30% (the value of the assets to minors)
For gifts exceeding 2 billion won (approximately 221 million yen), an additional 40% tax must be paid as increased tax.
The investigation was conducted by Rep. Min Hong-cheol (Democratic Party) of the National Assembly's Land, Infrastructure and Transport Committee.
As a result, it was confirmed that a total of 10,340 cases of land and buildings being gifted to minors over the past five years amounted to 1.7049 trillion won (approximately 188.6 billion yen).
The amount of real estate donations by fiscal year is expected to be 349 billion won (approximately 38.6 billion yen) in 2019, 259 billion won (approximately 28.6 billion yen) in 2020, and 444.7 billion won (approximately 44.7 billion yen) in 2021.
In 2021, 358 billion won (US$396 million), and in 2022, 294.2 billion won (US$325 million), with an average annual real estate investment of about 340 billion won (US$376 million).
On the other hand, there were 4,574 cases of real estate given to minors under the age of 10 by their grandparents, totaling 769.1 billion won (approximately 85 billion yen), of which 0
It was confirmed that 224 properties were donated by minors, totaling 39.7 billion won (roughly 4.39 billion yen). Rep. Min Hong-cheol said, "We are very concerned about the amount of skip-gifts made by minors."
Despite the existence of a tax system, contrary to its purpose, it has been used as a way for the wealthy to save on taxes, and is not functioning as it should," he said. "The Korean government is thoroughly investigating the source of funds, etc.
"We must make sure to find out whether any illegal activities occurred during the donation process."
2024/10/13 07:05 KST
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