South Korea Plans Major Tax Reform: Estate Tax System to Be Replaced with Inheritance Tax by 2028
Sejong, South Korea – In a significant move to align its tax laws with more commonly adopted international standards, the South Korean government announced plans on Wednesday to overhaul its longstanding estate tax system in favor of an inheritance tax by the year 2028. This revision aims to reduce the financial burden on heirs, according to officials from the Ministry of Economy and Finance. The current estate tax in South Korea is applied to the net value of all assets left by a deceased person. Compared to this, the inheritance tax, as seen in most … Read more