The Underground Emperor: Starting with Running Away with His Sister-in-Law

He also keenly discovered a loophole in Mu Xianmin's explanation!

"Xianmin, according to what you just said, isn't this so-called inheritance tax just a formality?"

Ding Xin frowned, a hint of doubt in his eyes, and said, "Are all the people in the South Korean tax authorities incompetent? After all, in terms of the overall picture, Chen Yangzhe held 28% of the shares in Shunyang Group when he was alive, but when he died, he only had 7% left. Who would believe that?"

"Why don't you believe it?"

Mu Xianmin smiled and explained, "Back then, Chairman Chen Yangzhe was able to start from scratch and build such a large empire..."

With the foundation laid by Chairman Chen Yangzhe, why can't his children make a name for themselves?

Let me give you a simple example and you'll understand!

Take Chairman Chen Yongji for example...

If the tax authorities inquire with him, he can simply reply that former president Chen Yangzhe only provided him with an interest-bearing loan.

He then used the money to acquire a majority stake in one of the group's subsidiaries, and through his management, the subsidiary flourished!

Later, due to the need to expand its business, it acquired another subsidiary!

Although the acquired subsidiary owned shares in Shunyang Properties...

However, the fact remains that the company itself was poorly managed!

Even the loan that Chairman Chen Yongji received back then has traceable origins!

Everything was done according to proper procedures!

In that case, who can find fault with it?

I can't find a single one!

"That actually makes a damn good point!"

Ding Xin nodded thoughtfully, but Mu Xianmin, engrossed in conversation, had no intention of stopping there. He smiled and, as a "partially involved party," revealed some other inside information...

"Did you think that 19 trillion won in inheritance tax was the final amount?"

I tell you, no!

After the tax authorities calculated this tax amount, the Chen clan members immediately questioned them...

No, that's not right!

Using 'questioning' is not quite appropriate; I think 'complaining' would be a better word.

after all...

Although nearly 60 trillion won in inheritance tax has been saved, the remaining 19 trillion won is still a staggering amount.

They made up many excuses and just kept delaying payment.

Because of this incident, Chan Wing-kee, who had already taken over as chairman at the time, was also exposed for bribing tax officials to reduce inheritance tax!

After a long period of controversy, he was even prosecuted and given a suspended sentence.

And this suspended sentence was well worth it!

Because of the sentencing, the Chen clan members also gained public sympathy!

Ultimately, under public scrutiny...

After taking into account various factors, the South Korean tax authorities privately reduced the inheritance tax for the Chen family by four trillion won!

certainly...

This has never been made public!

In addition, the tax authorities also granted the Chen family's request to pay installment payments at extremely low interest rates!

And they put on a show every year.

Family members will claim to sell some of their shares to pay off inheritance tax, but it's really just a matter of transferring money from one pocket to another and playing the victim!

As far as I know...

To this day, the Chen family has not paid off all the inheritance tax...

......

Chapter 560 Pour cold water on

Her words were essentially a way of educating Ding Xin.

Don't be fooled by the fact that Ding Xin is now a major shareholder in two conglomerate companies, with money and connections.

But to be honest...

Leaving Babel Group aside for now, Kinmen Group, despite its rapid development, is essentially a makeshift operation, and it's not time to get involved in these issues yet.

Everything that Mu Xianmin just said completely touched on Ding Xin's blind spots in knowledge.

and...

This kind of knowledge is something that most people simply don't have access to!

Perhaps only a young lady from a long-established conglomerate like Mu Xianmin would understand the intricacies of this matter.

As Mou Xianmin slowly recounted his story...

A look of realization gradually appeared on Ding Xin's face.

now...

He suddenly thought of the Lee family, the so-called number one chaebol group in South Korea, from another time and space.

Let me tell you one thing...

That conglomerate is much larger than Shun Yang Group!

However, when the Lee family inherited that enormous fortune, they only had to pay a total inheritance tax of twelve trillion won!

Ding Xin was also puzzled when he saw that news...

Although this amount of money is indeed an unimaginable figure for ordinary people, it is terrifying!

But you know...

That conglomerate's annual profits account for more than 20 percent of South Korea's total GDP!

in other words...

They make at least several hundred trillion won in profit every year!

What kind of concept is this?

The wealth accumulated over decades will only require paying 12 trillion won in inheritance tax in the end?

That's a bit too little!

But then Ding Xin saw the news about the Li family's shareholding percentage in the entire group...

I was surprised to discover that the family only owned a tiny fraction of the group's shares...

No wonder it only requires such a small payment...

However...

After listening to what Mu Xianmin had just said.

Ding Xin suddenly realized...

He's narrow-minded!

In fact...

Perhaps in the news from another timeline...

The report only covered the Lee family's individual shareholding percentage in the parent company of the entire group...

Just like Shunyang Group today.

On the surface...

Currently, the entire Chen family's personal shareholding in Shunyang Group's parent company, Shunyang Properties, is only nine percent.

But in reality...

The shares of Shunyang Properties held by them personally are completely different from the shares of the entire Shunyang Group controlled by their family!

Putting those nine points aside...

The equity of Shunyang Properties, controlled by the Chen family through other subsidiaries, has never been publicly disclosed!

in other words...

They only showed ordinary people the tip of the iceberg!

Come to think of it...

In a country like South Korea, which is controlled by conglomerates, how could any conglomerate possibly drive itself to its own demise?

to be honest...

Many things are just "acting".