National Tax Service Addresses Misleading Inheritance and Gift Tax Information Online The National Tax Service (NTS) has launched a fact-check initiative to correct misleading information about inheritance and gift taxes circulating on platforms like YouTube and social media. On May 31, the NTS announced it would distribute a guide titled "Misconceptions and Truths About Inheritance and Gift Taxes" to clarify common misunderstandings and provide accurate legal standards regarding these taxes. Interest in inheritance and gift taxes has surged due to rising asset prices i May 31, 2026

Deputy Prime Minister Baek Kyung-hoon Prioritizes Mission-Centric Reform Over Consolidation of Research Institutes The Ministry of Science and ICT has announced that it will prioritize mission-centric reform over the consolidation of government-funded research institutes under the National Science and Technology Council (NST). During a press briefing on May 29 at the Seoul Central Post Office, Deputy Prime Minister and Minister of Science and ICT Baek Kyung-hoon stated, "Rather than first discussing the reorganization of research institutes, we need to set mission-centric tasks first. Once a mission-c May 31, 2026

24-Hour Trading for Won-Dollar Exchange Begins July 6 Starting July 6, trading hours for the won-dollar foreign exchange will be extended to a continuous 24-hour format. This change is seen as a crucial step for South Korea as it aims to be included in the MSCI developed markets index. The Seoul Foreign Exchange Market Operations Committee announced on May 31 that it had approved significant changes regarding trading hours and days for the won-dollar exchange during a meeting held on May 29. Currently limited to 9 a.m. to 2 a.m. the followi May 31, 2026

Deputy Prime Minister Baek Kyung-hoon Calls for South Korea to Compete in AI Frontier Models "It is time for us to challenge frontier models that can compete with the U.S. and China, moving beyond industry-specific artificial intelligence (AI)." Baek Kyung-hoon, Deputy Prime Minister and Minister of Science and ICT, made this statement during a press conference on May 29 at the Central Post Office in Seoul, marking his first anniversary in office. He reviewed the past year's achievements in AI infrastructure development, research and development normalization, and reducing commu May 31, 2026

Despite Economic Growth, Companies Hesitate to Build Domestic Factories A recent analysis indicates that South Korean companies are shifting their investment decision-making from a focus on efficiency to include security considerations. This means that even in a favorable economic climate, companies may refrain from building factories, while they might proceed with investments during downturns. The Bank of Korea has warned that as the global paradigm of "economic security" rises, it is crucial to ensure that the domestic manufacturing and export base does not May 31, 2026

Court Recognizes Workplace Dispute as Cause of Employee's Death from Brain Hemorrhage A South Korean court has recognized the death of a factory manager from a brain hemorrhage, which occurred shortly after a heated argument with a colleague, as a work-related injury. The ruling emphasized that even with pre-existing conditions, significant stress experienced during work can establish a causal link to such medical events. On May 31, legal sources reported that the Seoul Administrative Court's 13th Division, led by Judge Jin Hyun-seob, ruled in favor of the family of the d May 31, 2026

Son Heung-min Scores Twice as South Korea Leads Trinidad and Tobago 2-0 The South Korean national football team finished the first half leading 2-0 against Trinidad and Tobago, thanks to a brace from captain Son Heung-min. Under the guidance of coach Hong Myung-bo, South Korea concluded the first half at South Field, Brigham Young University in Salt Lake City, Utah, on May 31. In the first match of their final warm-up ahead of the North and Central America World Cup qualifiers, Coach Hong employed a three-back formation. Son played as the lone striker, suppo May 31, 2026

Democratic Party Criticizes People Power Party's Election Concerns The Democratic Party stated on May 31 that the People Power Party's critical stance toward the election is "distressing." This comment came after the People Power Party raised allegations of government interference and election manipulation regarding President Lee Jae-myung's inspection of the ballot stamp during early voting. Kang Jun-hyun, the party's chief spokesperson, held a press conference at the National Assembly, asserting, "Despite the Election Commission confirming that there a May 31, 2026

Samsung Bioepis Launches Ophthalmology Biosimilar 'Ofuviz' in Europe Samsung Bioepis is accelerating its entry into the European market with the launch of its ophthalmology treatment 'Ofuviz' (active ingredient: Aflibercept). This move marks a strategic expansion beyond its existing biosimilar business focused on autoimmune and rare diseases into the ophthalmology sector.On May 31, Samsung Bioepis announced the launch of the low-concentration formulation (40mg/mL) of 'Ofuviz' in Europe. Ofuviz is a biosimilar to Regeneron's blockbuster ophthalmology drug 'Eylea,' May 31, 2026

Oh Se-hoon: Negative Campaigning Accusations Misplaced Oh Se-hoon, the People Power Party candidate for Seoul mayor, criticized his opponent Jung Won-o of the Democratic Party on May 28, stating, "It is wrong to classify unfavorable remarks as negative campaigning." This comment was directed at Jung's claim that he refused to participate in a debate due to negative attacks from Oh's camp. During a press conference held at his campaign office in Gwancheol-dong, Oh expressed concern over Jung's approach to the election, saying, "Jung's mindset May 31, 2026