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Gift Tax Surprises in Korea

During the IMF crisis, the athlete Park Se-ri provided great courage and joy to our citizens with her US Open trophey.

Currently, her family matters have garnered public interest, and it seems the National Tax Service may also find certain details noteworthy.

Typically, in such cases, an internal decision is made to proceed with an investigation, and given the significant amount involved, it is likely that the regional tax office will handle it.

The issue at hand is that Park Se-ri has paid off her father's debt out of filial piety, an amount reportedly around 10 billion won, which suggests that approximately 5 billion won may be due for the Gift tax payment.

There may be disputes over whether this amount pertains to the last 10 years or earlier, but regardless, the tax due will exceed 5 billion won due to additional penalties.

Moreover, if the recipient of this gift is unable to pay the gift tax, Park Se-ri may be held jointly responsible for the payment, which could be a significant ordeal for her.

It is unclear who Park Se-ri's legal or tax representative is, but it is truly a regrettable situation.

This serves as a reminder to everyone of the risks involved when a public figure is exposed in the media.


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