Will Se-ri Pak hit a ‘bomb’ of 5 billion won in gift tax by paying off her father’s debt?

2024-06-25 13:41:03

As it was revealed that Se-ri Pak, chairman of the Se-ri Pak Hope Foundation, paid off her father's debt on her behalf, the possibility of a large amount of gift tax being levied is being raised.

In particular, if the parents are unable to repay the debt on their own, taxes paid by the child are also subject to gift tax.

Tax experts predict that in the case of Se-ri Pak, it is estimated that he has repaid more than 10 billion won in debt over 10 years, and that he may have to pay more than 5 billion won in taxes, including gift tax and additional tax of up to 50%.

However, as the possibility of imposition of gift tax is raised, it is expected to have a significant impact on future foundation operations and personal assets.

 

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