4 Port Authorities' Abuse of Power by Shifting Stamp Tax Burden

In the Past 5 Years, Transferred 270 Million KRW of Stamp Tax to the Other Party

Democratic Party of Korea Representative Yoon Jae-gap (Haenam·Wando·Jindo) / ⓒ Asia Economy

[Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] According to data submitted by the Anti-Corruption and Civil Rights Commission, National Assembly member Yoon Jae-gap (Democratic Party, Haenam·Wando·Jindo), a member of the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee, revealed that the Yeosu Gwangyang, Incheon, Busan, and Ulsan Port Authorities have made the contracting parties bear 99.7% of the stamp tax over the past five years.

According to the National Contract Act and the Stamp Tax Act, public institutions must pay the stamp tax together with the contracting party when concluding a contract electronically. While the stamp tax ratio can be adjusted by mutual agreement, making the contracting party bear the entire stamp tax is a typical abuse of power by the dominant party.

However, in the case of Yeosu Gwangyang Port Authority, 97.8% (35.21 million KRW) of the total stamp tax was shifted to the contracting party, and the other three ports?Incheon, Busan, and Ulsan?shifted the entire stamp tax (234.99 million KRW) to the contracting parties.

Assemblyman Yoon Jae-gap stated, “The financial sector, which had previously made customers bear the entire stamp tax, has since 2011 required banks and customers to share the stamp tax equally,” and urged, “The four port authorities should revise their internal regulations to establish a fair contract culture.”

This content was produced with the assistance of AI translation services.