Lee: “a Parking Lot as a Family Business? that’s ridiculous”... Family Business Inheritance Tax Deduction Eligibility Drastically Reduced

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On the 6th, President Lee Jae-myung received a report from the National Tax Service regarding the abuse of the family business inheritance tax deduction system and remarked, "I am so dumbfounded I am speechless," ordering that the scope of eligibility be significantly reduced. He also asked, "Is the parking lot business a family business?" adding, "If anyone other than the owner's children can take on the role, it cannot be called a family busin…

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[Digital Daily Reporter Kim Nam-gyu] On the 6th, President Lee Jae-myung instructed regarding the family business inheritance tax deduction system, “It must be thoroughly overhauled to align with the original design intent of the system. Measures must be taken to prevent abuse.” Regarding the inclusion of parking lot businesses in the deduction対象, he remarked, “Is a parking lot a family business? It is absurd,” and ordered, “Definitely reduce th…

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On the 6th, President Lee Jae-myung emphasized regarding the current family business inheritance tax deduction, “We must thoroughly overhaul the system to align with the original design intent. We must ensure it cannot be abused.” Regarding the current system where a business becomes a family business after 10 years of management, he remarked, “How can doing something for 10 years make it a family business?”