Gift and inheritance taxes were scheduled to be reformed in 2025 for the first time in 27 years.

’24 Tax Law Amendment Inheritance-Increased Income Adjustment Plan
Tax base and tax rate adjustment
current
adjustment
tax base
tariff
tax base
tariff
100 million won or less
10%
200 million won or less
10%
500 million won or less
209
500 million won or less
20%
1 billion won or less
309
1 billion won or less
30%
3 billion won or less
4096
Exceeding 1 billion won
40%
3 billion won fine
509
Adjustment of inheritance tax deduction amount for children
Inheritance Tax Act: Basic deduction of 200 million won + personal deduction or daily deduction of 500 million won, whichever is larger.
current
adjustment
Deduction amount per child
50 million won
500 million won
If your child has a name,
250 million won
7 won
Deductible amount
Or 500 million won
Or 500 million won
(Ilpit deduction advantage)
(Basic + personal exemption advantageous)
“Ilgul (KRW 500 million) and spouse (KRW 500 million-KRW 3 billion legal inheritance share limit) deduction current status maintained.
Yonhap News
Source: Ministry of Strategy and Finance
Reporter Minji Kim 20240725