Inheritance Tax

there is a inheritance tax for successors in Korea and must file it in 6 months if one of successors were a resident in Korea. But if every successors were non-resident or the ancestor was a non-resident, the successor must file it in 9 months.

Tax rate is 10%, 20%, 30%, 40% and to 50% for 100mil.won, 500mil.won, 1bill.won, 3bill.won and more than 3bill.won respectively.

For inheritance tax return and other works, a non-resident need a street smart agency for their deposit withdraw and property registry in Korea including a proper tax return on time.

There are a lot of deductions, and it's different by successors and type of properties, so basically need a overall strategy for tax saving after the summary of property and family member who's on the successors' list.

For more details, please contact always

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since 1981-

Korean Tax Blog

Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

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