National Tax Service Implements Appraisal Business for Small Buildings and More

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced on the 31st that it will conduct appraisal projects for small buildings and other properties to enhance the fairness of inheritance and gift tax assessments.

In February last year, an amendment to the Enforcement Decree of the Inheritance and Gift Tax Act established a legal basis allowing appraisal values after the appraisal period until the statutory decision deadline to be recognized as market value.

The appraisal targets include non-residential real estate and land classified as sites such as vacant land without buildings (Nadaeji) on the surface.

Appraisals will be conducted mainly on high-priced real estate where there is a significant difference between the declared value and the market value, based on supplementary appraisal methods.

The appraisal will be carried out by sending guidance notices to taxpayers and commissioning two or more appraisal institutions. After the appraisal is completed, the appraisal review committee will deliberate and evaluate the inheritance and gift property based on the appraisal value recognized as the market value.

An official from the National Tax Service stated, "The implementation of the appraisal project will enhance the fairness of inheritance and gift tax assessments for small buildings and other properties," adding, "It will also contribute to spreading a culture of sincere tax payment by encouraging taxpayers to voluntarily conduct appraisals and report and pay appropriate taxes corresponding to asset values."

This content was produced with the assistance of AI translation services.