Shin Dong-wook, a People Power Party supreme council member, said on the 9th, "These days when I meet businesspeople, they all worry in unison that Korea is turning into a country where it is hard to do business."
At the supreme council meeting held at the National Assembly this morning, Shin said, "Among businesspeople who have built up family businesses, I often hear that because of the inheritance tax burden, it is hard to maintain their corporations and that, in the end, they have to move overseas," and stated accordingly.
He said, "President Lee Jae-myung raged, calling the Korea Chamber of Commerce & Industry press release fake news. That was because an immigration consulting firm attached the interpretation that the reason rich people in Korea went abroad last year was the inheritance tax," adding, "It seems the president raged over why people would leave a 'good place to live,' but is it really a good place to live?"
He continued, "The essence of the issue is not whether it is 2,400 people or 139, but that it is very difficult to do business in Korea," and said, "Korea's top inheritance tax rate is 60%, effectively making generational business succession impossible. The problem lies not only in the rate but also in the taxation method."
He added, "Allow business succession but collect the tax later, or adopt a deferral method—fundamental institutional reforms are needed," and said, "Whether it is the Minister of Trade and Industry (MOTI), the Minister of Economy and Finance (MOEF), or the National Tax Service commissioner, do not do petty things toward the Korea Chamber of Commerce & Industry just because the president said a word or two; if you make this a country where it is good to do business and give people pride, they will not leave even if you push them to go."