First major tax change in decades risks increasing housing inequality and economic volatility by cutting inheritance tax
South Korea’s finance ministry announced significant revisions to the country’s tax laws on July 25, marking the first major overhaul in 24 years, including substantial reforms to the inheritance and gift tax system.
These adjustments, set to take effect in 2025, aim to modernize the tax framework to reflect current economic realities and reduce the burden on taxpayers.
South Korea’s finance ministry announced significant revisions to the country’s tax laws on July 25, marking the first major overhaul in 24 years, including substantial reforms to the inheritance and gift tax system.
These adjustments, set to take effect in 2025, aim to modernize the tax framework to reflect current economic realities and reduce the burden on taxpayers.
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