The government is set to initiate discussions on reforming the inheritance tax into an inheritance acquisition tax for the first time in 75 years since the enactment of the inheritance tax law. Acting President and Minister of Education Lee Ju-ho said, "This will be a significant turning point for the inheritance tax system in terms of relieving the tax burden on the middle class and multi-child households."
The acting president held a Cabinet meeting at the Government Seoul Complex on the morning of the 20th and noted, "Today, the revision bill for the inheritance and gift tax law will be presented at the Cabinet meeting," adding, "After 75 years since the enactment of the inheritance tax law in 1950, we are officially beginning discussions on reforming the inheritance system through a government proposal."
The current revision bill includes changing the inheritance tax to an inheritance acquisition tax that taxes not the total inheritance amount but the acquired inheritance per heir, and expanding child deductions. The acting president stated, "By fundamentally changing the perspective of taxation from the decedent to the heir, we can enhance the fairness of taxation and reduce the tax burden on the middle class and multi-child households."
He continued, "While there are some differing opinions, in the larger context, both the National Assembly and the public empathize with the necessity of easing the inheritance tax burden and the need for tax system realism," and requested, "Relevant ministries should ensure that the revision is processed quickly through thorough discussions in the National Assembly and in communication with the public."
The acting president also remarked, "In two weeks, this government's term will come to an end," expressing gratitude for all public officials who have devoted themselves to promote the happiness of the people and the operation of South Korea amid unprecedentedly difficult domestic and international conditions.
He further stated, "Each ministry should thoroughly organize the progress and outcomes of major policies implemented so far, including national tasks, and think together about better policy alternatives to ensure that the next government can take another step forward."
He said, "The presidential election is just two weeks away," adding, "Starting today, overseas citizens' voting will also begin. The more citizens make their way to the polling stations, the more our society will move in a better direction."
The acting president urged the National Election Commission to "tighten the management system for the early voting for this presidential election and ensure that no gaps occur in all procedures, including the safe transportation and thorough reinforcement of ballot boxes," stressing that "both the National Election Commission and the government must faithfully fulfill the responsibility of fair and transparent election management."
The acting president mentioned plans for various commemorative events, including the 70th Memorial Day ceremony, the 6.25 War commemoration, and the Yeonpyeong naval battle victory ceremony, in light of the 'Month of National Defense and Veterans' and said, "The Ministry of Veterans Affairs should continuously strive to implement veteran policies that befit our national prestige so that veterans and their families, as well as uniformed public officials who protect the safety and lives of our citizens in the most perilous areas of society, can feel like heroes and take pride in their service."