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Gift Tax Taxables for Non-resident
(Korea)
The definition of ‘Gift Tax Taxables' for Non-resident has been revised as below effective Jan. 1, 2013 for the purpose of strengthening the taxation against the anomalistic way of the donation by draining of property into the overseas. On and before Dec. 31, 2012 On and after Jan 1, 2013 When a Donee is a Non-resident; ① All property in Korea When a Donee is a Non-resident; ① All property in Korea ② All property in overseas financial accounts, including overseas deposit/installment savings, donated by a Resident ③ The stocks of foreign corporation, which possesses more than 50% of the domestic property in Korea, donated by a Resident Donee Gift Tax Taxables Ÿ Resident Ÿ Non-profit corporation of which the head office or main office is located in Korea all donated property in Korea and overseas Ÿ Non-resident Ÿ Non-profit corporation of which the head office or main office is not located in Korea among the property donated, ① all property in Korea ② deposits, etc in overseas financial accounts ③ the stocks and investment shares of foreign corporation which possesses the domestic property excessively.
<Gift Tax Taxables in brief>
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