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Is Korea’s Inheritance Tax Driving 87,000 Wealthy Citizens Abroad? A Deep Dive

Daniel Kim Views  

 Lim Kwang-hyun Facebook
 Lim Kwang-hyun Facebook

Lim Kwang-hyun Challenges Korea Chamber of Commerce and Industry’s Press Release
Na Kyung-won: “National Tax Service Scrutinizes 87,000 Overseas Migrants”

Na Kyung-won, a representative of the People Power Party, criticized National Tax Service Commissioner Lim Kwang-hyun’s rebuttal to a press release by the Korea Chamber of Commerce and Industry. The release suggested an increase in wealthy individuals emigrating due to inheritance taxes. Na questioned, “Is President Lee Jae-myung’s social media outrage now equivalent to a search warrant?”

On February 9, Na posted on Facebook, stating, “The National Tax Service allegedly ‘thoroughly examined’ the personal asset details of over 87,000 overseas migrants without a warrant, despite the absence of criminal allegations.” She added, “This occurs just one day after President Lee Jae-myung denounced the Chamber’s statistics as ‘fake news.'”

A media outlet previously reported that the National Tax Service also verified domestic asset details during their statistical analysis.

Emigrants must submit a ‘source of funds verification’ to the National Tax Service. While this typically only verifies outbound funds, the fact-check table Lim posted on Facebook included both overseas and domestic assets of emigrants. The table has since been removed from Facebook.

The same media outlet noted that Article 81 of the National Tax Basic Law prohibits tax officials from disclosing information acquired during their duties for tax compliance purposes.

Na argued, “When the Korea Chamber of Commerce expresses concern over the exodus of wealthy individuals, does the National Tax Service act as a private investigator to discredit these statistics as fake news?” She demanded, “The National Tax Service must clearly explain the legal basis for accessing personal information.”

She further stated, “The Lee Jae-myung administration’s politics of intimidation has become the norm. They silence dissenting voices and mobilize state power to suppress opposition. Claiming no market can beat the government, they use political tactics rather than sound policies to control the private sector and markets.”

Na emphasized, “Concerns about businesses and capital fleeing Korea due to world-leading inheritance taxes, inflexible labor conditions, and excessive regulations have long been voiced by those on the ground.” She urged, “Stop abusing administrative power through social media and focus on addressing real issues: the cost of living crisis, tariff burdens, and hypocritical real estate regulations.”

Daniel Kim
content@tenbizt.com

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