SK Tax FY2022 Gift Tax Declaration

On Jun. 8, SK Tax issued guidelines for FY2022 gift tax declaration.

  • SK Tax issued guidelines on gift tax declaration for 2022, due by Jun. 30, 2023.
  • Urges controlling shareholders/relatives who benefit from specially-related corporation awarding lucrative contracts/providing business opportunities to report/pay gift tax.
  • The guidelines include overview of gift tax, major cases of verifying declaration, Q&A.
  • Jul. 2024 FY2023 Declaration
  • On Jul. 2, 2024, SK Tax reminded of gift tax declaration for 2023, due by Jul. 31, 2024.
  • This applies to a company's controlling shareholders and their relatives who benefited from business opportunities provided by a specially-related corporation in FY2023.
  • Where a person subject to gift tax declaration fails to pay tax by the deadline, a 20% non-reporting penalty tax and 0.022% daily penalty for late payment will be charged.
  • SK Tax will strictly verify non-reporting and insincere reporting after the deadline.

Regulators SK Tax
Entity Types CNSM; Corp
Reference Gd, FAQ, PR, 7/2/2024; Gd, FAQ, PR, 6/8/2023
Functions Compliance; Financial; Reporting; Tax; Treasury
Countries South Korea
Products Corporate; Equity
Regions AP
Rule Type Final
Rule Date 6/8/2023
Effective Date 7/31/2024
Rule Id 175346
Linked to N/A
Reg. Last Update 7/2/2024
Report Section International

Last substantive update on 07/05/2024