[2021 National Audit] Hong Nam-ki "Reviewing Reform of Inheritance Tax System"

Deputy Prime Minister for Economy Hong Nam-ki is attending the National Assembly's Public Administration and Security Committee's audit of the Ministry of Economy and Finance held at the National Assembly on the 6th, responding to lawmakers' questions. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 6th, "We are working on a plan to reform the inheritance tax system."

Deputy Prime Minister Hong responded to a question from Yang Hyang-ja, a member of the Democratic Party of Korea, regarding the corporate inheritance tax burden during the National Assembly's Planning and Finance Committee audit in the afternoon, saying, "We will review the overall inheritance tax this year and report the results before the Tax Subcommittee meeting."

Hong Nam-ki stated, "There are criticisms that the burden of inheritance tax on companies is excessively high, but there are also opinions that it is inevitable to alleviate wealth concentration and provide fairness," adding, "We will listen to both sides, review the overall inheritance tax, and examine possible institutional improvements linked to income tax."

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