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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

Korean Tax Blog

since 1981-

KimYoungRan-Law(김영란법)

 

Anti-Graft Law(Kim, YoungRan-Law) is enforcing from the 28th of September 2016.

 

 

 

After years of debates from 2011, it’s been decided that the Anti-Graft Bill is to be applied to government officials as defined by the Government Officials Act and the Local Officials Act, along with executive and staff members of public service-related organizations, educational institutions and media companies. The spouses of the corresponding officials are also subject to the regulation.

Some 41,000 institutions, of which 96.8% are schools and media companies, will be subject to the law when it takes effect.

For a long time now, Korea has suffered with corruption, graft, and the privileges held by those whose former post was of a high rank. We have suffered from the impunity of some high ranking government officers, prosecutors, judges, professors, churchmen, police, tax officers, politicians and others. I don’t think we need a movement for democracy, as the politicians are always wagging their tongues over, but a movement for comprehensive Anti-Corruption all over the country.

According to the law (Rule 3.5.10), meals valued at over 30,000 won, gifts at over 50,000 won and funerals and weddings at over 100,000 won are considered violations. For these exchanges, you can be charged by the police regardless of your personal relationship with the giver/recipient. Therefore, you can’t give a gift to your friend if it’s more than 50,000won. Then how about a gift (a precious diamond ring) to a lover? If it’s an engagement ring, which is socially acceptable, you’ll be saved.

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