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The Meaning of 'Development Projects' in Article 42(4) of the Inheritance and Gift Tax Act - Seoul High Court on December 12, 2018. Sentencing 2017 Nu 86721 -

  • DONG-A LAW REVIEW
  • 2020, (89), pp.237-258
  • DOI : 10.31839/DALR.2020.11.89.237
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law
  • Received : October 16, 2020
  • Accepted : November 19, 2020
  • Published : November 30, 2020

Joo, Seung-Yeon 1

1서울지방국세청

Accredited

ABSTRACT

Article 42(4) of the old Inheritance and Gift Tax Act stipulates “development projects” as one of the reasons for the increase in property value as a basis for the disposition of gift tax on the increase in property value from the contribution of others. The court considered the “development project” as stipulated in Article 42(4) of the old Inheritance and Gift Tax Act in the same sense as the “development project” under the Development Profit Recovery Act. The establishment of a petrochemical plant in China is not a development project under the Development Profit Recovery Act. As a result the plaintiffs were not subject to the application of Article 42(4) even if their property value was increased. So, The court ruled that the imposition of a gift tax on the plaintiffs was illegal. The purpose of the Development Profit Recovery Actand the Inheritance and Gift Taxes are different. The development projects referred to in Article 42(4) of the Inheritance and Gift Tax are not limited to land development projects. The reason for the increase in property value is an example regulation and may be similar. Article 42(4) 2 may also apply to the establishment of a plant in this case. We look forward to the Supreme Court's concrete judgment.

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