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  • Tax Deductions Reached 76.1 Trillion Won Last Year, Exceeding Legal Limit
    Tax Deductions Reached 76.1 Trillion Won Last Year, Exceeding Legal Limit The government reported that the total amount of tax deductions for research and development (R&D) expenses and earned income tax credits reached 76.1 trillion won last year. This figure indicates that the national tax reduction rate exceeded the legal limit by 0.4 percentage points.On August 18, the government submitted its first tax expenditure report to the National Assembly, in accordance with the revised Tax Expenditure Limitation Act.According to the Ministry of Finance, the national tax reduction amount increased by 5.6 trillion won compared to the previous year, totaling 76.1 trillion won. This rise is attributed to increases in R&D tax credits, integrated investment tax credits, and integrated employment tax credits.The highest deduction category was special income deductions and special tax credits for insurance premiums, amounting to 7.253 trillion won. This was followed by pension insurance deductions at 4.7581 trillion won, earned income tax credits at 4.6367 trillion won, and income deductions for credit card usage at 4.3243 trillion won.The national tax reduction rate was adjusted down by 0.1 percentage points from the previous estimate of 16.0% to 15.9%. Last year, it exceeded the legal limit of 15.5% by 0.4 percentage points, but the government anticipates compliance with the legal limit this year.The report analyzed 11 major tax expenditure systems in the income tax sector, examining the distribution of tax expenditures by income bracket and tax burden. The analysis revealed that higher-income individuals had a greater share of major tax expenditures and determined tax amounts. Additionally, the proportion of high-income earners was found to be higher in determined tax amounts than in tax expenditures.Insurance premium deductions, pension account deductions, and education expense deductions were predominantly attributed to the top income bracket. In contrast, earned income tax credits and income tax reductions for small and medium-sized enterprise employees were primarily attributed to those in the lower income brackets.* This article has been translated by AI. 2026-08-21 10:32:20
  • Yulchon Law Firm and University of Seoul Sign MOU to Enhance Tax Law Education
    Yulchon Law Firm and University of Seoul Sign MOU to Enhance Tax Law Education Yulchon LLC and the University of Seoul's Graduate School of Taxation announced on August 21 that they have signed a memorandum of understanding (MOU) to enhance the training and education of professionals in tax law.The agreement aims to strengthen educational and research capabilities in the field of tax law and to expand practical connections.Under the MOU, the two institutions will actively collaborate on several initiatives, including the joint development and operation of educational programs for tax law professionals, collaborative research to enhance tax law research capabilities, and the joint operation of practical programs such as regular lectures, seminars, and workshops. They will also support educational and research infrastructure.Jeon Young-jun, co-head of Yulchon’s tax group, stated, "Tax law is a field of law that is closely linked to both theory and practice. Through this agreement, we will explore ways to integrate Yulchon’s practical experience into tax law education and research, as well as how to apply the theoretical research outcomes from the Graduate School of Taxation in practice."Jung Ji-sun, head of the Graduate School of Taxation, expressed a similar vision, saying, "We aim to create a leading model of industry-academia cooperation that transcends simple exchanges between the two institutions, integrating education, research, and practice in the field of tax law."The two institutions plan to continuously develop their industry-academia cooperation model through ongoing exchanges and collaboration.Founded in 1997, Yulchon LLC is one of South Korea's leading law firms, providing a wide range of legal services to corporate and individual clients in areas such as corporate law, finance, fair trade, tax, real estate and construction, and litigation.* This article has been translated by AI. 2026-08-21 10:32:00
  • Newly appointed BOK deputy governor signals focus on stability
    Newly appointed BOK deputy governor signals focus on stability SEOUL, August 21 (AJP) - Seasoned foreign-exchange expert Kwon Min-soo was appointed senior deputy governor of the Bank of Korea. In his inaugural address on Friday, he highlighted inflation, household leverage, property prices and currency volatility, offering an early glimpse of a policy approach closely aligned with BOK governor Shin Hyun-song but shaped by his three decades of experience in foreign-exchange markets. Kwon said semiconductor strength had lifted growth beyond earlier expectations, while inflation remained above the central bank's target and financial imbalances centered on household debt and housing prices persisted. Exchange-rate volatility and geopolitical and trade risks meant policy decisions would need to remain "cautious and flexible," he said. His remarks stop short of establishing Kwon as a monetary-policy hawk. But the risks he chose to emphasize are largely those that could constrain how quickly the BOK changes course after restarting rate increases last month. The central bank raised its benchmark rate by 25 basis points to 2.75 percent on July 16, its first increase in three-and-a-half years, citing stronger export- and investment-led growth, above-target inflation and persistent financial-stability risks. All seven board members backed the move. Kwon will have a say in what comes next almost immediately. He began a three-year term Friday after being appointed to succeed Ryoo Sangdai, and the senior deputy governor serves ex officio on the BOK's seven-member Monetary Policy Board. His term runs through Aug. 20, 2029. His elevation was not a surprise appointment. Kwon and fellow deputy governor Park Jong-woo had both been cited as leading internal contenders for the post before the decision, while several former BOK executives were also discussed as possible candidates. More revealing than the internal promotion itself may be the expertise the BOK has added to its top leadership. Park built much of his career in monetary policy and financial markets, while Kwon's record is concentrated in foreign exchange, reserve management and international finance. Kwon joined the BOK in 1995 and later worked in foreign-currency operations, the New York office and the Reserve Management Group before heading the International Department's foreign-exchange market team. He subsequently oversaw investment strategy and government-bond portfolios and became head of the Reserve Management Group in 2023. Since becoming a deputy governor in May 2024, he has overseen international finance and cooperation, including responses to heightened FX-market volatility and work with the BIS, World Bank, G20 and EMEAP. That background was visible throughout Friday's address. Kwon pledged to strengthen market analysis and open-market operations, help settle Korea's 24-hour FX trading system and advance won internationalization while ensuring greater market openness does not undermine financial stability. The agenda puts him broadly in step with Shin rather than positioning him as a counterweight to the governor. Kwon explicitly endorsed four priorities set out by Shin when he took office in April: cautious and flexible monetary policy, a stronger financial-stability role, won internationalization and payment-system innovation, and a greater contribution to structural reform. Shin himself made financial stability a central theme of his inaugural agenda, arguing that uncertainty over inflation and growth required flexibility in monetary policy while the central bank broadened its approach to financial risks. He also put won internationalization and payment-system reform among his priorities. The overlap suggests the two officials may differ less over which risks matter than over how they assess them. Shin, an academic economist who spent years at Oxford, Princeton and the Bank for International Settlements, approaches policy through the lens of macro-finance, global liquidity and the links between financial institutions and markets. Kwon brings the experience of a market practitioner who has managed reserves and dealt directly with foreign-currency liquidity and market volatility. That combination could broaden the BOK leadership's perspective when exchange-rate movements complicate interest-rate decisions — with Shin assessing the wider macro-financial transmission and Kwon potentially adding a closer reading of currency supply and demand, liquidity and market functioning. That remains an inference from Kwon's career rather than an established voting record. His appointment also does not necessarily make the board more hawkish. Ryoo, his predecessor, had himself favored a rate increase in May before the board unanimously tightened policy in July. What Kwon did make clear Friday was that stronger growth alone does not remove the constraints facing policymakers: inflation remains above target, household and property risks persist and the exchange rate remains part of the calculation. His first test comes on Aug. 27, less than a week into the job, when he casts his first vote on interest rates. The decision should provide the first concrete indication of how Kwon translates a career spent managing Korea's exposure to global markets into monetary policy. AJP Takeaways: - Kwon's promotion was within expectations: He and Park Jongwoo had already been cited among leading internal candidates, making the appointment less a surprise than a choice between different areas of expertise. - His first message leaned toward risk management: Kwon highlighted above-target inflation, household debt, housing prices and FX volatility while calling for "cautious and flexible" policy. - Kwon looks more complement than counterweight to Shin: The two share a focus on financial stability and won internationalization, but Kwon adds deeper hands-on experience in FX and reserve markets. - Aug. 27 will offer the first real policy signal: Kwon's first rate vote will show whether that market background translates into a distinct weighting of currency and financial-stability risks. 2026-08-21 10:27:34
  • LG sweeps major global design awards across TVs, robots and home appliances
    LG sweeps major global design awards across TVs, robots and home appliances SEOUL, August 21 (AJP) - LG Electronics has completed a sweep of the world's three major design awards this year, winning 17 prizes at the 2026 International Design Excellence Awards after earlier collecting honors from Red Dot and iF across products ranging from televisions and robots to heating systems and laptops. LG said Friday it received five bronze awards and 12 finalist honors at IDEA 2026, organized by the Industrial Designers Society of America. The company had previously won a combined 55 awards at this year's Red Dot and iF design competitions. Among the bronze winners were the 9-millimeter-thick LG Signature OLED W television, three Therma V air-to-water heat pump indoor units, the UltraFine evo professional monitor, the Smart Monitor Swing and the PuriCare AeroMini air purifier. Another 12 products were named finalists, including LG's CLOiD home robot, a ceiling-mounted PuriCare system air purifier and the Gram Pro laptop made with a lightweight aerospace-grade material. Several products, including CLOiD, the Signature OLED W, Therma V indoor units, PuriCare system air purifier and Gram Pro, received recognition from all three major design awards this year. LG also received IDEA recognition in packaging design for its xboom audio products and LG Sound Suite home audio system, extending the awards beyond product hardware into branding and packaging. "We see this recognition as a result of designs that balance convenience and aesthetics while fitting naturally into customers' living spaces," said Jung Wook-jun, head of LG Electronics' Design Management Center. "We will continue to deliver differentiated experiences through customer-centered design." AJP Takeaways: LG won 17 awards at IDEA 2026, completing a sweep of the Red Dot, iF and IDEA design competitions this year. Recognition spanned a broad product mix, including TVs, robots, HVAC equipment, monitors, air purifiers and laptops. Several products won across all three major awards, suggesting LG's design push is being applied across multiple business lines rather than concentrated in a single category. 2026-08-21 10:25:13
  • Government Ends Central Disaster Response for Heavy Rains in Gyeongnam, Activates Recovery Support Headquarters
    Government Ends Central Disaster Response for Heavy Rains in Gyeongnam, Activates Recovery Support Headquarters The Ministry of the Interior and Safety has concluded its Central Disaster Response Headquarters (CDRH) operations, which were in place from August 15 to 18, and has transitioned to a recovery support system.As of 9 a.m. on August 21, the ministry announced the end of the CDRH response system and the activation of the Recovery Support Headquarters.Previously, the ministry had activated the first phase of the CDRH at 6 a.m. on August 17 due to heavy rainfall in the Gyeongnam regions of Geoje and Tongyeong, which resulted in flooding and isolation incidents.This move aims to facilitate rapid emergency recovery of damaged facilities in southern areas such as Tongyeong and Geoje, and to support the swift return to normalcy for affected residents.The Recovery Support Headquarters will be led by the Director of the Disaster Recovery Support Bureau and will include a comprehensive recovery support team, a disaster relief team, a psychological support team, a field support team, and an emergency recovery team involving relevant ministries. A Central Joint Damage Assessment Team will also be established based on the extent of the damage.The support headquarters will focus on quickly implementing emergency repairs for private and public facilities and minimizing inconveniences for residents staying in temporary housing.In particular, the ministry plans to actively collaborate with local governments to ensure that disaster relief funds for damages to lives and homes are distributed promptly.Minister Yoon Ho-jung urged, "We must work closely with relevant ministries and local governments to ensure that there are no shortcomings from damage assessment to recovery planning, so that affected residents can return to their daily lives safely and as soon as possible." 2026-08-21 10:24:10
  • Law Firm Hwa Woo Publishes Asset Succession Guide to Prevent Family Estrangement
    Law Firm Hwa Woo Publishes Asset Succession Guide to Prevent Family Estrangement Law Firm Hwa Woo, led by Managing Partner Lee Myung-soo, announced on August 21 the publication of a practical asset succession guide titled "Preventing Family Estrangement" in response to the growing trend of significant assets being passed down to the next generation.According to the Statistics Korea's provisional 2025 birth and death statistics, the number of deaths last year increased by 1.3% compared to the previous year, with a rise in fatalities among those aged 90 and above, as well as in their 70s, while the number of deaths in those under 60 generally decreased. As the proportion of elderly deaths rises rapidly, inheritance has become a pressing issue that nearly all families will face, rather than just a concern for a select few wealthy individuals."Preventing Family Estrangement" serves as an introductory guide covering a wide range of topics related to asset succession, including inheritance, gifting, and trusts, designed to be easily understood by anyone. Co-authored by attorney Yang So-ra, a specialist in inheritance and trusts who has handled numerous cases involving wealthy families and financial institutions, along with Baek Jeong-sik and Park Hyun-jeong, senior experts at Hwa Woo's Asset Management Center, the book aims to provide practical insights.The book explores various issues that families face today, from basic tools like statutory inheritance and wills to asset management using trusts, global inheritance, business succession, insurance claims trusts, dementia-related asset management, and retirement planning for single-person households.Rather than advocating for specific systems as the only solutions, the book explains optimal choices tailored to family assets, relationships, and circumstances, using real-life examples. It clearly distinguishes when wills and trusts are necessary and provides practical guidelines from pre-inheritance preparations to post-inheritance procedures.For parents approaching inheritance, the book offers guidance on how to leave their wishes clearly, while advising children on when and how to prepare for their parents' retirement and inheritance. It goes beyond merely passing on wealth, showing how to manage the legacy to maintain family harmony.Attorney Yang So-ra, head of the Asset Dispute Team and Family Litigation Team at Hwa Woo, is an expert who has handled numerous inheritance-related lawsuits and consultations for owners of publicly traded companies and high-net-worth individuals. Co-authors Baek Jeong-sik and Park Hyun-jeong are also leading trust practitioners in South Korea, having conducted tens of thousands of client consultations in the financial sector, providing them with deep insights into inheritance practices.Yang stated, "This new book is a practical guide for beginners feeling overwhelmed by inheritance, trusts, and estate management. I hope readers recognize the importance of estate management through various examples and make informed decisions."Baek and Park also added, "We recommend this book to parents and children seeking smooth asset succession without inheritance disputes, as well as professionals in the related industry, to help protect their own and their families' assets."Lee Myung-soo, managing partner of Hwa Woo, remarked, "Inheritance is no longer an issue for a select few wealthy individuals; it has become a reality that all families in our society must confront. Through the publication of this asset succession guide, Hwa Woo aims to provide practical assistance to clients in preserving their assets and relationships across generations."Meanwhile, Hwa Woo's Asset Management Center continues to release practical guides, following the publication of "The Art of Inheritance" in 2015 and "Inheritance and Gifting in One Volume" in 2025, with "Preventing Family Estrangement" being the latest addition. The new book is available for purchase at major online and offline bookstores.Founded in 2003, Law Firm Hwa Woo is one of South Korea's leading full-service law firms, providing a wide range of legal services with nearly 600 professionals offering insightful legal solutions to respond to rapidly changing industrial structures and policy shifts.* This article has been translated by AI. 2026-08-21 10:24:00
  • Kim Min-seok Responds to Internal Discontent Over Youth Committee Appointment
    Kim Min-seok Responds to Internal Discontent Over Youth Committee Appointment Kim Min-seok, the leader of the Democratic Party, stated on August 21 that he would consider incorporating the need for an elected youth committee member at the next party convention in response to internal controversies surrounding the recent appointment of a youth committee member. He emphasized, "I will attempt to make this change, even if it requires amendments."During a Supreme Council meeting in Gangneung, Kim remarked, "It would have been ideal to reflect youth representation among the five elected members, similar to the inclusion of women, but it was not feasible under the circumstances." This statement comes amid tensions between factions within the party regarding the introduction of an elected youth committee position. The pro-Lee Jae-myung faction advocated for an elected youth committee member, while the pro-Jung Cheong-rae faction opposed sudden changes to the rules.Previously, Choi Min-hee, the chief supreme council member, expressed her surprise on Facebook after Kim appointed re-elected lawmaker Jeon Yong-ki as the youth committee member during a parliamentary meeting. She criticized the lack of prior consultation with the supreme council, stating, "How can a decision be made properly if the list of nominees is suddenly revealed in a parliamentary meeting without any minimum consultation?"Choi further pointed out that during the party convention, Kim and the other two candidates had publicly promised to appoint a youth member to the committee and to conduct elections for the position. She questioned how the party could expect to gain support from the 2030 generation while failing to uphold even this public commitment.* This article has been translated by AI. 2026-08-21 10:20:00
  • ZEEKR Opens ZEEKR 7X Popup Store at Starfield Hanam
    ZEEKR Opens 'ZEEKR 7X Popup Store' at Starfield Hanam ZEEKR announced on August 21 that it will operate a popup store at Starfield Hanam to promote the competitive features of its mid-size electric SUV, the ZEEKR 7X.Running from today until August 25, the popup store is located in the Central Atrium of Starfield Hanam and is themed 'Urban Life & Family Life.' It aims to showcase the brand's luxury technology experience and the distinctive qualities of the ZEEKR 7X.The event will feature two units of the ZEEKR 7X Ultra, the highest trim level. The ZEEKR 7X Ultra is equipped with a 100kWh NCM battery from CATL and a dual-motor system, delivering a maximum output of 645 horsepower and a peak torque of 72.4 kg·m. It can accelerate from 0 to 100 km/h in just 3.9 seconds and has a maximum driving range of 440 km on a single charge, according to the Ministry of Environment's standard testing conditions.Additionally, the vehicle boasts various premium features, including automatic doors, air suspension, CCD electronic variable dampers, a 36.21-inch head-up display, second-row power sunshades, and the ZEEKR Sound Pro sound system, enhancing its competitive edge.The popup store will have professional docents and sales consultants on hand to provide detailed introductions to the vehicle's key convenience features, advanced technologies, and design elements.Customized purchasing consultations tailored to customers' lifestyles and preferences will also be available. Visitors can experience the practicality and innovative technology of the ZEEKR 7X firsthand, including a 5.3L refrigerator capable of temperature control from -6°C to 50°C and various storage options, or check them out using an interactive technology scanner.A customer engagement program is also planned. Visitors who complete a stamp tour during the event will receive ZEEKR brand merchandise, and various benefits will be offered to those who consult on-site.A ZEEKR Korea representative stated, "Starfield Hanam is the ideal space for family-oriented customers, who are the core demographic for the ZEEKR 7X, to naturally experience the vehicle in their daily lives. Through this popup store, we aim to directly convey the premium electrification experience and differentiated lifestyle value that the ZEEKR 7X offers, while continuously expanding our engagement with domestic customers."The ZEEKR 7X is available in three trims: Pro, Max, and Ultra, with prices set at 52.99 million won, 59.99 million won, and 69.99 million won, respectively.Details about the popup store's operating schedule and pre-reservation benefits can be found on the official ZEEKR Korea website and its official social media channels.* This article has been translated by AI. 2026-08-21 10:20:00
  • Toss Bank Reduces Overseas Remittance Fees by 1 Billion Won
    Toss Bank Reduces Overseas Remittance Fees by 1 Billion Won Toss Bank has reduced the fee burden for customers using its overseas remittance service by approximately 1 billion won since its launch.On August 21, Toss Bank announced that from January to last month, customers saved a total of 1 billion won in remittance fees through its 'Visible Overseas Remittance' service.Traditionally, overseas remittance methods incur costs of about 13,000 won per transaction, including a telegraphic transfer fee of 8,000 won and a minimum remittance fee of 5,000 won, according to the Consumer Portal of the Korea Federation of Banks. In contrast, Toss Bank currently waives the remittance fee of 3,900 won per transaction and does not charge intermediary fees as it bypasses intermediary banks. This fee waiver promotion will continue until December 31.By eliminating intermediary fees, Toss Bank differentiates itself from traditional overseas remittance services. Previously, customers often received less than the original amount sent due to fees deducted at each intermediary bank. This created inconveniences, especially when sending exact amounts for tuition or deposits, requiring additional remittances to cover any shortfall.Toss Bank's structure avoids intermediary banks, reducing both fee burdens and the likelihood of needing to send additional funds.The number of users is also rapidly increasing. From January to July this year, the monthly volume of overseas remittances through Toss Bank increased nearly fourfold. Among users, those in their 20s and 30s account for about 72%, indicating a growing demand for overseas remittances among younger customers, particularly for studying abroad or language training.A Toss Bank representative stated, "We have changed the perception that overseas remittance is difficult, slow, and insecure into one of speed and transparency. We will continue to expand the overseas remittance experience so that customers can send money with peace of mind and without burden."* This article has been translated by AI. 2026-08-21 10:20:00
  • Yoon Hong-geun of Genesis BBQ: Crises Signal New Choices
    Yoon Hong-geun of Genesis BBQ: Crises Signal New Choices Yoon Hong-geun, chairman of Genesis BBQ Group, stated, "Crises can be signals that demand new choices rather than obstacles that halt businesses."According to Genesis BBQ Group, Yoon made these remarks during a lecture at the 43rd HDI CEO Summer Forum held at the Topsten Hotel in Gangneung, Gangwon Province, on August 20.The forum, themed "The Next Frontier in the Age of Superintelligence: Finding Essential Competitiveness in an Era of Technological Overload," featured Yoon's lecture titled "Turning Crises into Opportunities: A Continuous Challenge Towards the World." The event was attended by over 130 CEOs from major domestic companies and institutions, including Kim Jong-gap, chairman of HDI.In his lecture, Yoon framed the past 31 years of BBQ not merely as a history of achievements but as a history of choices made during moments of crisis.He explained that despite various crises, including the 1997 IMF financial crisis, avian influenza, and rapidly changing dining trends, BBQ chose to innovate and pursue coexistence rather than remain complacent, which has been key to its competitiveness.In 2005, BBQ introduced its Golden Olive Chicken, which incorporated olive oil into chicken preparation, and established a training and quality management system centered around its Chicken University, continuing its innovation across products and operations.Yoon emphasized, "Building a large company is different from creating a sustainable one," highlighting the importance of not only external growth but also maintaining sustainable competitiveness.BBQ has also accelerated its international expansion. Since entering the overseas market in 2003 with its first store in Shanghai, China, it now operates approximately 800 stores across 57 countries, including North America, Central and South America, Southeast Asia, and Central Asia.This year, BBQ continues to expand its market presence, having opened its first store in Ho Chi Minh City, Vietnam, in May, and signed a master franchise agreement with a local company in Brunei, further broadening its reach in Southeast Asia.Yoon remarked, "You cannot become a leader in a new market by merely following the paths others have already created," adding, "BBQ's 31 years have been a time of challenges, choosing new paths and creating them during crises."He concluded by stating that in an era of rapid advancements in artificial intelligence and digital technology, it is crucial to clarify the value that must be provided to customers and the reason for a company's existence, continuously innovating based on that foundation.Yoon asserted, "In the future, BBQ will not settle for the status quo but will continuously challenge itself towards the global market, growing as a global brand that promotes the competitiveness of K-food worldwide."* This article has been translated by AI. 2026-08-21 10:16:00