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

The South Korean National Assembly Oct. 27 accepted for consideration Bill No. 2213725, to partially amend the Inheritance Tax and Gift Tax Act. The bill includes measures to: 1) shorten, to eight years from 10 years, the minimum cohabitation period for a direct heir and decedent, for the heir to qualify for the inheritance tax deduction on the value of an inherited house; 2) increase, to 800 million South Korean won (US$558,468), from 600 million won (US$418,851), the deduction limit, and modify other application rules for the deduction; and 3) expand the deduction to the surviving spouses of decedents. The ...