The National Assembly Tax Subcommittee's Third Day of Deliberations Faces Difficulties... Inheritance Tax and Comprehensive Real Estate Tax Laws 'Deferred'

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[Asia Economy Reporter Park Jun-yi] The Tax Subcommittee of the National Assembly's Planning and Finance Committee has been struggling for three days due to disagreements between the ruling and opposition parties over the tax reform plan.

The Tax Subcommittee held a meeting in the afternoon and reviewed amendments to the Inheritance Tax Act and the Comprehensive Real Estate Holding Tax Act, but after approving some non-contentious items in the Inheritance Tax Act, it adjourned after four hours.

During the meeting, two items in the Inheritance Tax Act amendments were approved: including fetuses as part of the current inheritance tax personal deduction targets such as children and minors, and introducing additional taxes for public interest corporations that fail to fulfill accounting audit obligations. All other items were deferred.

Regarding the Comprehensive Real Estate Holding Tax amendments, after repeated tensions between the government and ruling party and the opposition, Acting Subcommittee Chair Cho Hae-jin declared all items deferred.

The Tax Subcommittee has been reviewing the tax reform plan since the 21st, but has failed to narrow differences on contentious bills such as the Financial Investment Income Tax (Geumtu Tax) Act, Corporate Tax, Inheritance Tax Act, and Comprehensive Real Estate Holding Tax Act.

Meanwhile, with Ryu Seong-geol, the subcommittee chair from the People Power Party, testing positive for COVID-19, the subcommittee meeting originally scheduled for 10 a.m. was postponed and held at 2 p.m.

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