Korea, Democratic Party Agrees to 2-Year Grace Period for Inheritance and Gift Tax with "Great Sensitivity"

The representative of the Democratic Party of Korea expressed great sensitivity regarding the agreement to a 2-year grace period for the Inheritance and Gift Tax (deferred taxation) by the government and the party.

According to the industry on the 2nd, the representative stated at the Supreme Council meeting held at the National Assembly this morning, "Following the power of the people, the Democratic Party also agreed to a 2-year grace period for the Inheritance and Gift Tax, which is very sensitive."

He emphasized, "The two major parties are recently focusing on the issue of wealth taxation. Therefore, it is not acceptable."

The representative pointed out, "The Democratic Party has long claimed that the investment in inheritance and gift tax is as high as the tax burden, but suddenly changed its stance, saying that additional government measures are needed."

He added, "If the wealth tax is imposed, the burden will be transferred to the middle class and the public. Like the securities transaction tax, the benefits are only returned to the wealthy without any confirmed effects," and "The principle that taxes exist where there is income is also broken."

Previously, on the 1st, the Democratic Party of Korea announced that it agreed to amend the income tax law to defer the taxation on inheritance and gift income for 2 years.