The youngest of those making over 100 million won a year is under the age of five, showed data, which highlighted concerns over possible inheritance tax loopholes. -PHOTO: AFP
SEOUL (The Korea Herald/ANN): Over the past five years, 20 minors have earned more than 100 million won (S$96,800) a year as chief executive officers in South Korea, including a child under the age of five, government data showed on Oct 7, highlighting concerns over possible inheritance tax loopholes.
According to data from the National Health Insurance Service submitted to Jin Sun-mee of the main opposition Democratic Party of Korea, there are 360 business owners under the age of 19, as at August.
The data covers only those registered as business owners under the health insurance system, which includes joint representatives.
Broken down by income, the data showed that 20 minors earned more than 100 million won a year, 41 minors made between 50 million won and 100 million won and 299 minors earned less than 50 million won.
The 100 million won club included 12 individuals aged 11 to 15, five minors aged 16 to 17, two aged six to 10 and one under five years old.
Seoul had the largest number of minor-owned businesses at 231, followed by Gyeonggi province with 61, Incheon with 22, Busan with 18 and North Jeolla province with 9.
No minor CEOs were reported in several regions, including Gwangju, Ulsan, North Chungcheong province, South Jeolla province, North Gyungsang province and Jeju.
Jin called for tighter regulations to prevent the setting up of businesses owned by minors as a means of evading inheritance tax.
“This is not just an isolated issue for a few individuals, but a reflection of widespread income inequality across society,” she said.
“We need stronger oversight to prevent inheritance tax evasion by those who take advantage of laws allowing minors to register businesses.” - THE KOREA HERALD/ASIA NEWS NETWORK
