Politics · South Korea · 7 hrs ago
South Korea tax chief backs review of long-unchanged inheritance allowances
South Korea’s National Tax Service chief Lim Kwang-hyun supports updating inheritance tax allowances that have not changed for decades.
The current general deduction and the minimum deduction for a surviving spouse are each 5 billion won?
South Korea’s National Tax Service chief said he agreed that inheritance tax allowances unchanged for decades need to be updated.
Lim Kwang-hyun said specific changes would require consultation with the Ministry of Finance and Economy.
The allowances include a 500 million won lump-sum deduction and a minimum 500 million won spousal deduction.
Both amounts have remained unchanged since 1997.
Lim made the remarks during a National Assembly audit on October 13.
- Who
- National Tax Service Commissioner Lim Kwang-hyun and Democratic Party lawmaker Lee Kwang-jae.
- What
- Lim backed reviewing inheritance tax allowances but said he would consult the Ministry of Finance and Economy on specific changes.
- When
- October 13, 2026.
- Where
- At the National Tax Service in Sejong, during a National Assembly audit.
- Why
- The allowances have remained unchanged since 1997, and Lee called for them to be updated.
This story does not have two clearly opposing sides.
The lump-sum inheritance deduction and minimum spousal deduction were set at 500 million won and have not changed since.
Lim, then a Democratic Party lawmaker, introduced a bill to raise the lump-sum deduction to 800 million won and the minimum spousal deduction to 1 billion won.
During a National Assembly audit in Sejong, Lim said he agreed the allowances needed updating and would consult the ministry on specific changes.
- Lump-sum inheritance deduction
- 500 million won
- Minimum spousal deduction
- 500 million won
- Last change to the allowances
- 1997
- Lim’s 2024 bill
- Raise the lump-sum deduction to 800 million won and the minimum spousal deduction to 1 billion won
What people are saying
I fully agree.
My view on what I said when I was a lawmaker has not changed.
Since I now work at an institution that implements tax law, I will speak about specific system improvements after consulting with the Ministry of Finance and Economy.
There needs to be an incentive system for income earned through hard work, so that people will work hard.
Sources
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