Inheritance Tax Revenues Soar

The quantity of inheritance taxes paid by way ofrich heirs hit a listingprimeclosing year.The National Tax Provider on Sunday acknowledgedthe complete amount of inheritance from oldsters to offspring in 2015 rose 21.7 % to W13.12 trillion in comparison to 2014 (US$1=W1,124). From 2012 to 2014, the once a year amount hovered between W10.2 trillion and W10.8 trillion. Inheritance tax revenues exceeded W2 trillion for the primary time last year at W2.19 trillion, up a whopping 32.5 percent from the former year. An NTS professional said, "The upward pushturns outbasicallybecause of the spike in genuine estate values in contemporary years given that there were no adjustments in inheritance tax laws". More other people left considerable inheritance to their children. In 2014, best 1,619 individuals left more than W2 billion value of sourcesyet that rose 10.3 percent to 1,785 last year. Also, 167 of us left more than W10 billion in inheritance, and 18 left more than W50 billion.

Read this newsletter in Korean