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S.Korea says tax on Lone Star property deal legal

SEOUL
Thu Jul 5, 2007 2:14am EDT

SEOUL (Reuters) - South Korea's tax tribunal ruled in favor of the National Tax Office's decision to impose taxes on Lone Star related to the purchase of an office building, the Finance Ministry said on Thursday.

"When it comes to Lone Star, which is based in the United States, capital gains from property and stock trading can be taxable in the country where it happens, according to the tax treaty between South Korea and the United States," the ministry said in a statement.

Last year, U.S. private equity fund Lone Star appealed in Seoul the decision to impose a $26.6 million tax penalty on the property deal.


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