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Controversy over South Korea's high inheritance tax has resurfaced as the government failed again in its tender offer to sell a 4.7-trillion-won ($3.62 billion) stake in NXC, a holding firm of the nation's largest game developer, Nexon. The open bid, hosted by the Korea Asset Management Corp., to sell the Finance Ministry's 29.3 percent stake, or 852,000 shares, in NXC ended in another failure, accordi.
The government is struggling to sell stakes in gaming giant Nexon’s holding firm, NXC, that it received from surviving family members of Nexon founder Kim Jung-ju in inheritance tax.
The government should reduce inheritance tax on businesspeople, as the world’s highest related tax rate of up to 60 percent in Korea is feared to adversely affect companies ability to create jobs and increase investment, company officials and scholars said Tuesday.
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