The People Power Party has proposed a bill as a party platform to completely abolish the inheritance tax for spouses. Park Soo-young, a member of the ruling party on the Planning and Finance Committee, stated that they submitted an amendment to the inheritance tax law signed by all 108 party members.
Under the current law, deductions are allowed for properties inherited by a spouse, with a minimum of 500 million won and a maximum of 3 billion won. However, the proposed amendment seeks to change this to allow full deductions without a limit.
Representative Park explained that the amendment is a matter of bipartisan agreement, with Democratic Party leader Lee Jae-myung also concurring, and it will be submitted to the plenary session after going through the necessary procedures.
※ “Your tip becomes news”
[KaKaoTalk] Search YTN and add the channel
[Phone] 02-398-8585
[Email] social@ytn.co.kr