Estate Tax Archives | Be Korea-savvy

Gov’t Seeks to Replace Estate Tax System with Inheritance Tax by 2028

SEOUL, March 12 (Korea Bizwire) — South Korea plans to replace its decades-old estate tax system with an inheritance tax, easing tax burdens on beneficiaries in an effort to ensure tax fairness and align with global standards, the finance ministry said Wednesday. South Korea currently imposes an estate tax, which is levied on the net [...]

Tech Mogul’s Estate Tax Payment Brings Windfall, but Falls Short of Plugging Revenue Gap

SEJONG, Sept. 12 (Korea Bizwire) – The family of the late Kim Jung-ju, founder of the gaming giant Nexon, has completed the payment of their inheritance tax, estimated at over 5 trillion won, drawing attention to its potential impact on South Korea’s tax revenue. However, the actual cash contribution to the national coffers is expected to [...]