<h4>Chapter 562: Remittance of 450,000 Dors (1) – Part 1</h4>
The weather was pleasant that day; it was cooling down a bit. Gun-Ho visited the tax ountant’s office in Jeongwang Town, Siheung City, that his sister found for GH Logistics’ business. There seemed to be about six people working there. When he entered the office, Gun-Ho asked for Ms. Manager Yang. Gun-Ho’s sister had called Ms. Manager Yang earlier to let her know that Gun-Ho would visit the office soon. Ms. Manager Yang was ady in her 40s. Gun-Ho could notice that she had cosmetic surgery, on her eyes and nose for sure.
“I’m from GH Logistics. I believe that this office will be handling its tax matters.”
“Oh, I see. Please have a seat.”
“I’d like to talk with the tax ountant here.”
“Our tax ountant? Can you just talk to me instead?”
When Gun-Ho red at her, she started scanning Gun-Ho from his head to toe. Gun-Ho was not the man who he used to be that worked at a factory in the past. He now certainly looked like a wealthy businessman with power.
“I know GH Logistics’ Ms. Director Gun-Sook Goo very well. I’ve met its president as well. May I ask you how you are rted to GH Logistics?”
“I’m the major shareholder of GH Logistics. I’m hoping to have a consultation with the tax ountant regarding a capital gains tax.”
“Oh, really? Sure. Pleasee with me.”
Gun-Ho followed Manager Yang to the tax ountant’s office.
The ountant was sitting at his desk looking at hisputer monitor. He was short and skinny. Manager Yang introduced Gun-Ho to him while smiling.
“This man is from GH Logistics that we recently started working with. He has a few questions to ask you regarding a capital gains tax.”
“Oh, really? Hello. It’s nice to meet you. What would you like to know?”
Gun-Ho gave the tax ountant his business card before asking his questions. Gun-Ho’s business card indicated that he was the president of more than three differentpanies— GH Mobile, GH Development, Dyeon Korea, etc.
“I am not running the GH Logistics’ business, but I’m its major shareholder.”
The tax ountant scanned Gun-Ho from his head to toe. Realizing Gun-Ho could be an important figure, the tax ountant asked his secretary to bring two cups of tea.
“Please bring us two cups of tea.”
Gun-Ho said while taking out some documents for him, “GH Logistics used to be located in Seonghwan Town in Cheonan City before it moved to the current location in Siheung City. It had real property there which was used to store its freight trucks, and we sold it when we moved its location.”
“How much did you sell it for?”
“We sold it at 6.5 billion won.”
“Did you say 6.5 billion won?”
The high amount of the sales proceeds certainly intrigued the tax ountant. He seemed to think that this could be a good opportunity for him to make good money. The tax ountant dragged his chair toward Gun-Ho to get closer to him. Gun-Ho told the tax ountant the story about the GH Logistics’ real property from purchasing arge parcel ofnd which had changed itsnd use to sell thend in order to invest in China.
“Hmm, so, you sold thend which you owned for less than a year to a cosmetics firm.”
“The investment opportunity in China happened so quickly, so I didn’t have any other choice but to sell thend.”
“What sort of business are you doing in China?”
“It’s a bus terminal and intercity bus service business.”
“A bus terminal business? Isn’t it a business that requires an enormous amount of funds?”
“It’s a 50 million dor project. I’m investing half of it— 25 million dors.”
“25 million dors?!”
The tax ountant swallowed heavily, and he scanned Gun-Ho from his head to toe again.
“GH Logistics is currently a smallpany with the annual sales revenue of 1.2 billion won. However, once the investment in China starts, we will need more service from your office like consolidated financial statements.”
“Of... of course.”
“Well, today, I came to ask you about the capital gains tax rted to thatnd which I recently sold. I’d like to know how much tax I should expect to be imposed.”
“Of course. That’s exactly what we do in this office. Capital gains tax for apany is included in its corporate tax, and you just need to pay for the profits that you made in the transaction. Since we still have time until the due date for a corporate tax, I will make the calction and will let you know.”
“Thank you.”
“I think there is no problem iming that thend had been used for the business purpose. But, you will still have to pay a high amount of tax since thepany sold thend without owning it for more than a year. Even though thepany had to sell it in order to make an investment in China, you will still have to pay the tax. I think you can expect around 500 million won. I will try to lower the amount by reflecting all possible business expenses that I could think of. GH Logistics is now our important client after all. Haha.”
“Sounds great. Well, I will leave the copies of the relevant documents with you then.”
“Oh, did I give you my business card?”
The tax ountant smiled broadly and took out his business card from his desk drawer, and he gave it to Gun-Ho.
“If you need anything at all from us, please don’t hesitate to contact us. Haha.”
“You will mostly be contacted by either GH Logistics’ president or director. They are the ones who run thepany on a daily basis.”
“No problem, sir.”
As Gun-Ho stood up from his seat, he offered his hand to the tax ountant for a handshake. After handshaking, Gun-Ho walked out of the office, and the tax ountant followed him. On the way, the tax ountant tapped Manager Yang’s shoulder giving a sign toe with him. The tax ountant and Manager Yang followed Gun-Ho to the elevator to see him off. When Gun-Ho entered the elevator, they gave a 90-degree bow to Gun-Ho.
‘That’s weird,’ Manager Yang thought. GH Logistics was just a smallpany with monthly sales revenue of 100 million won. It was certainly not big enough to get the tax ountant’s personal attention like that. Manager Yang couldn’t understand why the tax ountant came all the way to the elevator to give a 90-degree bow to a smallpany’s major shareholder.
After seeing off Gun-Ho, the tax ountant came back to his office and searched thepanies shown on Gun-Ho’s business card, on the inte. He first opened the Financial Supervisory Service website, called DART (Data Analysis, Retrieval, and Transfer System).
“GH Mobile and GH Development are listed on DART. I don’t see Dyeon Korea here though. Maybe thispany isn’t generating good revenue to be on it.”
The tax ountant googled GH Mobile first.
“Huh? Thispany made 81.6 billion wonst year! Even though it has high debts, it’s not a smallpany at all.”
The tax ountant then googled GH Development.
“This one generated 10 billion wonst year. It seems to be a typical small or medium-sizedpany. Huh? What is this? Thepany’s asset is 200 billion won? With the capital of 40 billion won? Wow. It seems that thepany owns a real property—amercial building. Whoa. How big a building would be, that is worth 200 billion won? The building must be located somewhere around Gangnam District in Seoul City. I don’t know of any building that is expensive in Siheung City or Ansan City. Wow. That man must be very wealthy!”
The tax ountant walked out of his office while holding his hands behind his back. When he saw Manager Yang, he said to her, “Do you have any idea who that man was? The man who just visited our office?”
“He said he was the major shareholder of GH Logistics. GH Logistics is apany with monthly sales revenue of 100 million won. It seems that its president is not the owner. They have a director and a major shareholder.”
Manager Yang smiled sarcastically showing that the tax ountant didn’t have to follow Gun-Ho all the way to the elevator just to give a 90-degree bow to him. The tax ountant smiled and said while shaking his head, “That man owns amercial building that is worth 200 billion won.”
“Really?”
“You shouldn’t take the business lightly with GH Logistics even though it’s a smallpany now. You will have to pay attention to thatpany.”
“Yes, sir.”