Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, said, "The claim that 2,400 wealthy people are leaving Korea because of inheritance taxes is fake news."

Deputy Prime Minister Koo wrote on his Facebook on the 7th, "KORCHAM issued a press release on Feb. 4 citing estimates from the U.K. immigration consultancy Henley & Partners, saying '2,400 wealthy people in our country are leaving Korea because of the burden of inheritance taxes,'" adding the following.

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, gives opening remarks at the Economic Ministers' Meeting at Government Complex Seoul in Jongno-gu, Seoul, on the 4th. /Courtesy of News1

Koo said, "The firm's estimates are statistics with highly questionable credibility," and "foreign media outlets and research institutions have raised numerous issues with these data."

He then cited sources including: ▲ "The statistics are unreliable and very unclear" (the Guardian, June last year) ▲ "Not an actual tracking survey but simply tracking workplaces on social media such as LinkedIn" (Tax Justice Network, June last year) ▲ "Merely a marketing tool of an immigration consulting firm, not meaningful statistical evidence" (TPA, July last year).

Deputy Prime Minister Koo said, "KORCHAM, which produced and distributed a press release using flawed statistics, must be held accountable," and added, "I ask the media to be cautious so that reports using such statistics are not published."

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