Statutes of the Republic of Korea

No. 34881
Promulgation Date 2024-09-10
Ministry of Finance and Economy

ALL

CHAPTER I GENERAL PROVISIONS

Article 1 (Purpose)

Article 2 (Definitions of Domicile and Abode)

Article 2-2 (Scope of Specially Related Person)

Article 3 (Obligation to Pay Inheritance Tax)

Article 3-2 (Property subject to Gift Tax)

Article 3-3 (Obligations to Pay Gift Tax)

Article 3-4 (Scope of Financial Property)

CHAPTER II CALCULATION OF BASE AND AMOUNT OF INHERITANCE TAX

Section 1 Inherited Property

Article 4 (Insurance Proceeds Deemed Inherited Property)

Article 5 (Trust Property Deemed Inherited Property)

Article 6 (Retirement Allowances Excluded from Inherited Property)

Section 2 Non-Taxation

Article 7 (Scope of Performance of Official Duties Corresponding to War)

Article 8 (Non-Taxable Inherited Property)

Section 3 Taxable Value of Inherited Property

Article 9 (Public Imposts and Funeral Expenses)

Article 10 (Methods of Substantiating Debts)

Article 11 (Scope of Property Included in Taxable Value of Inherited Property)

Section 4 Non-Inclusion in Taxable Value of Property Contributed for Public Interest

Article 12 (Scope of Public-Interest Corporation)

Article 13 (Methods for Making Donation to Public-Interest Corporation)

Article 14 (Scope of Public Trust)

Section 5 Inheritance Deduction

Article 15 (Succession to Family Business)

Article 16 (Succession to Farming)

Article 17 (Value of Inherited Property for Spouses and Grounds for Non-Division)

Article 18 (Other Personal Deduction)

Article 19 (Inheritance Tax Deductions for Financial Property)

Article 20 (Scope of Disaster)

Article 20-2 (Scope of Acknowledging House as One Where Heir and Decedent Have Resided Together)

Section 6 Tax Credit

Article 20-3 (Assessment Fee Credits)

Article 20-4 (Gift Tax Credit)

Article 21 (Foreign Tax Credit)

Article 22 (Calculation of Property to Be Re-inherited)

CHAPTER III CALCULATION OF BASE AND AMOUNT OF GIFT TAX

Section 1 Donated Property

Article 23 (General Principles for Calculation of Value of Donated Property)

Article 24 (Time of Acquisition of Donated Property)

Article 25 (Methods of Calculating Profits from Trust)

Article 26 (Methods of Calculating Profit from Acquisition at Low Price or Transfer at High Price)

Article 26-2 (Time of Donation of Profit from Exemption from Financial Obligation)

Article 27 (Methods of Calculating Profit from Gratuitous Use of Real Estate)

Article 28 (Methods of Calculating Profit from Merger)

Article 29 (Methods of Calculating Profit from Capital Increase)

Article 29-2 (Methods of Calculating Profit from Capital Reduction)

Article 29-3 (Methods of Calculating Profits from Investment in Kind)

Article 30 (Methods of Calculating Profit from Conversion of Convertible Bonds into Stocks)

Article 31 Deleted.

Article 31-2 (Methods of Calculating Profits from Excess Dividends)

Article 31-3 (Methods of Calculating Profit from Listing of Stocks)

Article 31-4 (Methods of Calculating Profit from Gratuitous Loans of Money)

Article 31-5 (Methods of Calculating Profit from Listing of Stocks Following Merger)

Article 32 (Methods of Calculating Profit from Use of Property or Provision of Service)

Article 32-2 (Methods of Calculating Profit from Corporate Reorganization)

Article 32-3 (Methods of Calculating Profit from Increase in Value of Property After Acquisition of Property)

Article 32-4 (Methods of Calculating Profits)

Section 2 Presumption and Legal Fiction of Donation

Article 33 (Presumption of Donation of Property Transferred to Spouse)

Article 34 (Presumption of Donation of Fund to Acquire Property)

Article 34-2 (Legal Fiction of Property Registered in Name of Another Person as Donation)

Article 34-3 (Legal Fiction of Profits through Transactions with Specially Related Corporation as Donation)

Article 34-4 (Legal Fiction of Profit from Business Opportunity Provided by Specially Related Corporation as Donation)

Article 34-5 (Legal Fiction of Profit through Transaction with Specific Corporation as Donation)

Section 3 Taxable Value of Donated Property

Article 35 (Scope of Donated Property Not Subject to Taxation)

Article 36 (Debts Deducted from Taxable Value of Gift)

Section 4 Non-Inclusion in Taxable Value of Property Contributed for Public Interest

Article 37 (Methods for Calculating Stocks of Domestic Corporations Held in Excess)

Article 38 (Post-Management of Property Contributed to Public-Interest Corporations)

Article 39 (Imposition of Gift Tax on Internal Transactions within Public-Interest Corporation)

Article 40 (Calculation of Taxable Value of Gift Tax Imposed on Public-Interest Corporation)

Article 41 (Reporting on Details of Contributed Property)

Article 41-2 (Shareholding Requirements for, and Reporting on Fulfillment of Obligation by, Public-Interest Corporation)

Article 42 (Public-Interest Corporation Excluded from Application of Holding Limits of Stocks)

Article 43 (Tax Verification of Public-Interest Corporations by Outside Experts)

Article 43-2 (Designation of Auditor for Public-Interest Corporation)

Article 43-3 (Review of Audit Report)

Article 43-4 (Public-Interest Corporation’s Obligation to Open and Use Exclusive Account)

Article 43-5 (Public-Interest Corporation’s Obligation to Disclose Closing Documents)

Article 43-6 (Accounting Standards Applied to Public-Interest Corporation)

Article 43-7 Deleted.

Article 44 (Preparing and Keeping Books and Records)

Article 45 (Provisions to Be Applied Mutatis Mutandis)

Article 45-2 (Non-Inclusion in Taxable Value of Property Donated to Person with Disability)

Section 5 Donation Deduction

Article 46 (Method of Deduction of Donated Property)

Article 46-2 (Deduction of Assessment Fees)

Article 46-3 (Method of Calculating Extra Taxation on Donation to Lineal Descendants)

Article 47 (Provisions to Be Applied Mutatis Mutandis)

Section 6 Tax Credit

Article 48 (Provisions to Be Applied Mutatis Mutandis)

CHAPTER IV ASSESSMENT OF PROPERTY

Article 49 (Principles of Assessment)

Article 49-2 (Composition of Assessment Deliberative Committee)

Article 50 (Assessment of Real Estate)

Article 51 (Assessment of Superficies)

Article 52 (Assessment of other Tangible Asset)

Article 52-2 (Assessment of Stocks Traded on Securities Market and KOSDAQ Market)

Article 53 (Assessment of Stocks of Corporations Applying for Listing on KOSDAQ Market)

Article 54 (Assessment of Unlisted Stocks)

Article 55 (Methods for Calculating Net Asset Value)

Article 56 (Method of Calculating Net Profit or Loss per Share During Recent Three Years)

Article 56-2 Deleted.

Article 57 (Assessment of Stocks Preparing for Initial Public Offering)

Article 58 (Assessment of Government Bonds, Public Bonds, and other Bonds)

Article 58-2 (Assessment of Convertible Bonds)

Article 58-3 (Assessment of Overseas Property)

Article 58-4 (Assessment of Foreign Currency Assets and Liabilities)

Article 59 (Assessment of Intangible Property Rights)

Article 60 (Assessment of Other Conditional Right)

Article 61 (Assessment of Right to Receive Profit from Trust)

Article 62 (Assessment of Right to Receive Periodic Payments)

Article 63 (Assessment of Property on which Mortgage is Created)

CHAPTER V TAX RETURN AND PAYMENT

Section 1 Return

Article 64 (Inheritance Tax Base Return)

Article 65 (Gift Tax Base Return)

Article 65-2 (Deduction of Reported Amount of Tax)

Section 2 Payment

Article 66 (Voluntary Payment)

Article 67 (Application and Permission for Payment in Annual Installments)

Article 68 (Calculation of Amount of Annual Installments)

Article 69 (Additional Rate for Additional Dues on Payment in Annual Installments)

Article 69-2 (Application for Deferred Payment of Inheritance Tax on Succession to Family Business)

Article 69-3 (Calculation of Amount of Tax Deferred)

Article 70 (Application and Permission for Payment in Kind)

Article 71 (Payment in Kind with Property, Management and Disposal of which is Inappropriate)

Article 72 (Replacement of Property for Payment in Kind)

Article 72-2 Deleted.

Article 73 (Scope of Application for Payment in Kind)

Article 74 (Scope of Property Appropriable for Payment in Kind)

Article 75 (Determination of Accepted Value of Property to Be Appropriated for Payment in Kind)

Article 75-2 (Application for Payment in Kind with Cultural Heritage)

Article 75-3 (Permission for Payment in Kind with Cultural Heritage)

Article 75-4 (Rejection of Payment in Kind with Cultural Heritage)

Article 75-5 (Determination of Accepted Value of Cultural Heritage Appropriated for Payment in Kind)

Article 76 (Calculation of Deferred Amount of Inheritance Tax on Cultural Heritage Resource)

Article 77 (Provisions to Be Applied mutatis mutandis)

CHAPTER VI DETERMINATION AND CORRECTION

Article 78 (Determination and Correction)

Article 79 (Notification of Determined Tax Base and Amount)

Article 80 (Additional Tax)

Article 81 (Grounds for Acknowledging Requests for Correction)

CHAPTER VII SUPPLEMENTARY PROVISIONS

Article 82 (Provision of Data)

Article 83 (Processing of Unique Identifiable Information)

Article 84 (Submission of Payment Statements)

Article 85 Deleted.

Article 86 (Questioning and Making Inspections)

Article 87 (Persons Subject to Collection and Management of Data on Property Taxation of Each Taxpayer)

ADDENDA

ADDENDA <Presidential Decree No. 15486, Sep. 30, 1997>

ADDENDA <Presidential Decree No. 15509, Nov. 10, 1997>

ADDENDA <Presidential Decree No. 15604, Dec. 31, 1997>

ADDENDA <Presidential Decree No. 15971, Dec. 31, 1998>

ADDENDA <Presidential Decree No. 16660, Dec. 31, 1999>

ADDENDA <Presidential Decree No. 16682, Dec. 31, 1999>

ADDENDA <Presidential Decree No. 17039, Dec. 29, 2000>

ADDENDA <Presidential Decree No. 17052, Dec. 29, 2000>

ADDENDA<Presidential Decree No. 17459, Dec. 31, 2001>

ADDENDA <Presidential Decree No. 17791, Dec. 5, 2002>

ADDENDA <Presidential Decree No. 17828, Dec. 30, 2002>

ADDENDA <Presidential Decree No. 18108, Sep. 29, 2003>

ADDENDA <Presidential Decree No. 18177, Dec. 30, 2003>

ADDENDA <Presidential Decree No. 18627, Dec. 31, 2004>

ADDENDA <Presidential Decree No. 18669, Jan. 5, 2005>

ADDENDA <Presidential Decree No. 18903, Jun. 30, 2005>

ADDENDA <Presidential Decree No. 18989, Aug. 5, 2005>

ADDENDA <Presidential Decree No. 19333, Feb. 9, 2006>

ADDENDUM <Presidential Decree No. 19507, Jun. 12, 2006>

ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>

ADDENDA <Presidential Decree No. 19899, Feb. 28, 2007>

ADDENDA <Presidential Decree No. 20323, Oct. 15, 2007>

ADDENDA <Presidential Decree No. 20621, Feb. 22, 2008>

ADDENDA <Presidential Decree No. 20720, Feb. 29, 2008>

ADDENDA <Presidential Decree No. 20791, May 26, 2008>

ADDENDA <Presidential Decree No. 21214, Dec. 31, 2008>

ADDENDA <Presidential Decree No. 21292, Feb. 4, 2009>

ADDENDA <Presidential Decree No. 21641, Jul. 27, 2009>

ADDENDA <Presidential Decree No. 21881, Dec. 14, 2009>

ADDENDA <Presidential Decree No. 22042, Feb. 18, 2010>

ADDENDA <Presidential Decree No. 22151, May 4, 2010>

ADDENDA <Presidential Decree No. 22395, Sep. 20, 2010>

ADDENDUM <Presidential Decree No. 22467, Nov. 2, 2010>

ADDENDA <Presidential Decree No. 22516, Dec. 7, 2010>

ADDENDA <Presidential Decree No. 22579, Dec. 30, 2010>

ADDENDA <Presidential Decree No. 23040, Jul. 25, 2011>

ADDENDA <Presidential Decree No. 23527, Jan. 25, 2012>

ADDENDA <Presidential Decree No. 23591, Feb. 2, 2012>

ADDENDA <Presidential Decree No. 24358, Feb. 15, 2013>

ADDENDA <Presidential Decree No. 24441, Mar. 23, 2013>

ADDENDA <Presidential Decree No. 24576, Jun. 11, 2013>

ADDENDA <Presidential Decree No. 24638, Jun. 28, 2013>

ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>

ADDENDA <Presidential Decree No. 24710, Sep. 9, 2013>

ADDENDA <Presidential Decree No. 25195, Feb. 21, 2014>

ADDENDA <Presidential Decree No. 25751, Nov. 19, 2014>

ADDENDA <Presidential Decree No. 26069, Feb. 3, 2015>

ADDENDA <Presidential Decree No. 26302, Jun. 1, 2015>

ADDENDA <Presidential Decree No. 26922, Jan. 22, 2016>

ADDENDA <Presidential Decree No. 26960, Feb. 5, 2016>

ADDENDA <Presidential Decree No. 27205, May 31, 2016>

ADDENDA <Presidential Decree No. 27471, Aug. 31, 2016>

ADDENDA <Presidential Decree No. 27472, Aug. 31, 2016>

ADDENDA <Presidential Decree No. 27835, Feb. 7, 2017>

ADDENDA <Presidential Decree No. 28074, May 29, 2017>

ADDENDA <Presidential Decree No. 28211, Jul. 26, 2017>

ADDENDA <Presidential Decree No. 28638, Feb. 13, 2018>

ADDENDA <Presidential Decree No. 29533, Feb. 12, 2019>

ADDENDA <Presidential Decree No. 30285, Dec. 31, 2019>

ADDENDA <Presidential Decree No. 30391, Feb. 11, 2020>

ADDENDA <Presidential Decree No. 30977, Aug. 26, 2020>

ADDENDA <Presidential Decree No. 31101, Oct. 8, 2020>

ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>

ADDENDA <Presidential Decree No. 31446, Feb. 17, 2021>

ADDENDA <Presidential Decree No. 32063, Oct. 19, 2021>

ADDENDA <Presidential Decree No. 32274, Dec. 28, 2021>

ADDENDA <Presidential Decree No. 32352, Jan. 21, 2022>

ADDENDA <Presidential Decree No. 32414, Feb. 15, 2022>

ADDENDA <Presidential Decree No. 322447, Feb. 17, 2022>

ADDENDA <Presidential Decree No. 32931, Oct. 4, 2022>

ADDENDA <Presidential Decree No. 33140, Dec. 27, 2022>

ADDENDA <Presidential Decree No. 33225, Jan. 10, 2023>

ADDENDA <Presidential Decree No. 33278, Feb. 28, 2023>

ADDENDA <Presidential Decree No. 34267, Feb. 29, 2024>

ADDENDA <Presidential Decree No. 34488, May 7, 2024>

ADDENDA <Presidential Decree No. 34657, Jul. 2, 2024>

ADDENDA <Presidential Decree No. 34728, Jul. 23, 2024>

ADDENDA <Presidential Decree No. 34881, Sep. 10, 2024>