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. 2213706, to partially amend the Inheritance Tax and Gift Tax Act. The bill includes measures to: 1) expand eligibility for the cohabiting house inheritance tax deduction of 1 percent of the value of the inherited house for qualifying heirs that have lived with the decedent for at least 10 years to surviving spouses; and 2) increase to 900 million South Korean won (US$633,528) from 600 million won (US$422,290) the deduction limit. The law would enter into force Jan. 1, 2026, and would apply to inheritances received after that ...