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

The South Korean National Assembly Nov. 5 accepted for consideration Bill No. 2213925, to partially amend the Inheritance Tax and Gift Tax Act. The bill includes measures to: 1) increase, to 700 million South Korean won (US$478,953) from 500 million won (US$342,109), the lump-sum inheritance tax deduction amount; and 2) increase, to 1 billion won (US$684,186) from 500 million won, the minimum spouse deduction amount. The law would enter into force Jan. 1, 2026, and would apply to cases where inheritance commences after the enforcement of the law. [South Korea, National Assembly, 11/05/25]

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View Text of Bill No. 2213925 ...