Reported 8 months ago
South Korea's current inheritance tax law is strict, with high tax rates not only affecting the wealthy elite but also impacting middle-income earners due to rising property prices. The government is considering reforming the system, aiming to lower the inheritance tax rate to 30% and introducing capital gains tax. The proposed changes include shifting from taxing the deceased's assets to taxing the actual inherited properties, easing the burden on multiple heirs. However, there may be challenges in gaining parliamentary approval, especially with opposition to benefits for large corporations, as seen in recent criticism from the Democratic Party.
Source: YAHOO