Performing President Choi Sang-mok speaks throughout a ceremony marking the 59th Taxpayers‘ Day in Seoul, March 4. Yonhap
Performing President Choi Sang-mok on Tuesday reiterated the necessity to revise Korea’s decades-old inheritance tax system, stressing that taxation insurance policies ought to be „cheap“ to mirror the evolving financial panorama.
Talking at a ceremony marking the 59th Taxpayers‘ Day in Seoul, Choi reaffirmed the federal government’s dedication to reforming the five-stage inheritance tax scheme, which has remained unchanged for years.
„As instances and circumstances change quickly, outdated tax insurance policies turn into out of date and place pointless burdens on the general public,“ Choi mentioned.
He famous that whereas the system was initially designed to tax high-net-worth people, it has more and more turn into a burden even on the center class as a consequence of its failure to account for financial development and rising asset values.
Choi mentioned the federal government will announce a plan in March to rationalize inheritance tax deductions and transition to a heritage acquisition tax system, below which taxes are levied solely on inherited belongings.
„The federal government will proceed working to determine a good and cheap tax system that aligns with public sentiment and ensures that trustworthy taxpayers are correctly acknowledged,“ he added. (Yonhap)
