South Korea Assembly Considers Bill to Partially Amend Inheritance Tax, Gift Tax Act

The South Korean National Assembly Aug. 28 accepted for consideration Bill No. 2212451, to partially amend the Inheritance Tax and Gift Tax Act. The bill includes measures to: 1) reduce, to 25 percent, from 50 percent, the maximum inheritance tax rate to align with the OECD average; 2) reduce, to four, from five, the number of tax brackets, with rates ranging from 10 percent for taxable amounts up to 200 million South Korean won (US$143,853), to 25 percent for taxable amounts over 1 billion won (US$719,280); and 3) abolish the premium tax assessment for largest shareholders. The law would enter ...