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싹풀TV_이승희세무사

4 Sept 202413:56

Summary

TLDRThe script discusses impending changes to the inheritance tax system in South Korea, transitioning from inheritance tax to an acquisition tax model. It highlights the potential benefits of the new system, such as reduced tax burdens due to the spreading of tax liabilities among heirs. However, it also warns of the challenges, including the need for heirs to disclose financial records and the potential for increased taxes on smaller estates. The speaker advises on strategies to prepare for these changes, such as establishing family corporations and making pre-mortem gifts of real estate to children.

Takeaways

📢 The inheritance tax is likely to be changed to an acquisition tax on inheritance, which is supported by recent statements from government officials.
⏰ It is advised to prepare for the new inheritance acquisition tax as soon as possible, as time is running out.
🔍 The Ministry of Economy and Finance (기재부) plays a crucial role in policy-making and has openly discussed the shift to inheritance acquisition tax.
🏢 The inheritance acquisition tax has potential benefits, such as reduced tax burdens due to the dispersion of assets among multiple heirs.
💼 The tax reform proposal has significantly increased the exemption limits, which could outline the structure of the inheritance acquisition tax.
👨‍👩‍👧‍👦 The inheritance acquisition tax may lead to fairer taxation based on the ability to pay, as each heir pays tax according to their share of the inherited assets.
💔 One concern with the inheritance acquisition tax is the potential for increased tax liabilities due to the elimination of combined tax exemptions for family members.
🚫 There are worries that the new tax system could lead to the disclosure of private financial information, including past transactions, which might result in unforeseen tax liabilities.
🏠 For those with valuable real estate, it is suggested to consider preemptive gifts to children or establish a family corporation to mitigate future tax impacts.
💡 The script advises against using the spouse deduction for tax benefits, as it may lead to a 'tax bomb' upon the spouse's death due to potential changes in tax laws and regulations.

Q & A

What is the current status of the inheritance tax system in South Korea according to the transcript?
-The transcript indicates that the inheritance tax system in South Korea is expected to change from inheritance tax to acquisition tax on inheritance, with the government planning to finalize the policy by the end of the year and push for legislation in the following year.
What did Park Chan-dae, the Democratic Party's floor leader, suggest regarding the inheritance tax system?
-Park Chan-dae suggested that there is a need to review the current inheritance tax system and consider changing it to an acquisition tax on inheritance.
What announcement was made by the Minister of Economy and Finance regarding the inheritance tax?
-The Minister of Economy and Finance announced that the government will finalize its stance on the acquisition tax on inheritance by the end of the year and will push for legislation in the following year.
How has the remaining deduction been adjusted in the inheritance tax reform plan?
-In the inheritance tax reform plan, the remaining deduction has been significantly increased from 5,000 to 500,000, which is a tenfold increase.
What are the three main advantages of the acquisition tax on inheritance as mentioned in the transcript?
-The three main advantages of the acquisition tax on inheritance are: 1) Tax burden can be reduced as the tax assessment standard is dispersed among multiple inheritors, 2) It adheres to the principle of taxing based on the ability to pay, ensuring fairness, and 3) It can potentially reduce disputes among inheritors by clearly defining each inheritor's share according to the will or inheritance.
What are the two main concerns regarding the transition to the acquisition tax on inheritance?
-The two main concerns are: 1) The need for inheritors to open their accounts for the past ten years, which could lead to unexpected tax liabilities, and 2) The loss of combined inheritance tax deductions, which could result in higher tax burdens for some inheritors.
How does the transcript suggest handling the potential issues with the acquisition tax on inheritance?
-The transcript suggests three strategies: 1) Establishing a family corporation quickly for those with profitable real estate, 2) Pre-gift valuable real estate to children to avoid tax on unrealized gains, and 3) Avoid using the spouse deduction for inheritance as it may lead to higher taxes during re-inheritance.
What is the potential issue with using the spouse deduction for inheritance as per the transcript?
-Using the spouse deduction for inheritance might result in tax savings initially, but it could lead to a 'tax bomb' during re-inheritance when the spouse passes away, as the children would not be able to use the spouse deduction and could face the maximum tax rate.
What is the current government's stance on increasing the remaining deduction in the inheritance tax reform?
-The current government's stance is to increase the remaining deduction from 5,000 to 500,000, which is a significant increase and is seen as a positive step in the reform.
What is the difference in tax calculation between the current inheritance tax system and the proposed acquisition tax on inheritance when inheriting a 10 billion won property?
-Under the current inheritance tax system, a 10 billion won property might have no tax due to combined deductions of 10 billion won. However, under the proposed acquisition tax on inheritance, after deductions of 7 billion won, a taxable amount of 3 billion won would result in a tax of 50 million won.
How does the transcript describe the current government's and the Democratic Party's approach to the inheritance tax reform?
-The transcript describes that both the current government and the Democratic Party have proposed increases in certain deductions but have each kept one 'hidden card' by not addressing certain deductions, leading to an uncertain situation regarding which approach might be more favorable.

Outlines

00:00

📉 Inheritance Tax Changes to Acquisition Tax

The speaker discusses the imminent change in South Korea where inheritance tax is likely to be transformed into an acquisition tax on inheritance. This change is supported by recent statements from political figures and the Ministry of Economy and Finance. The speaker emphasizes the urgency of preparing for this tax, suggesting that the time to act is now. The government has increased the deduction limit from 5 billion won to 50 billion won, which is seen as a precursor to the new tax structure. The benefits of the acquisition tax include a more equitable distribution of tax burden among heirs, potentially lower tax rates due to the dispersion of assets, and a reduction in disputes among heirs by clearly defining their shares according to the will or last testament of the deceased.

05:04

🏦 Preparing for the Acquisition Tax and Its Implications

The speaker elaborates on the potential concerns regarding the shift to an acquisition tax on inheritance. These include the requirement for heirs to open their bank accounts for the past ten years to the tax authorities, which could inadvertently expose them to unexpected tax liabilities and penalties. The speaker also discusses the changes in tax deduction methods, where the current system allows for a combined deduction on inherited assets, but the new system will require individual deductions based on the assets received. This could lead to a higher tax burden for some heirs, especially if the inherited assets are not substantial. The speaker provides a simulation of tax calculations under both the current and proposed tax systems, illustrating how the new system might result in higher tax payments for certain inheritance amounts.

10:04

🏠 Strategies for Coping with the New Acquisition Tax

The speaker offers strategies for taxpayers to prepare for the new acquisition tax on inheritance. These include establishing a family corporation for those with profitable real estate to take advantage of tax benefits before they are eliminated. The speaker also suggests making pre-mortem gifts of valuable real estate to children, as the capital gains on such properties can be tax-free if the recipient has the economic capacity to maintain them. Lastly, the speaker warns against using the spouse deduction to minimize inheritance tax, as it could lead to a 'tax bomb' when the spouse passes away and the assets are re-inherited by the children. The speaker advocates for a clear division of inheritable assets between liquid assets for the surviving spouse and real estate for the children, to minimize future tax liabilities and disputes.

🔍 Current Tax Reforms and Their Impact

The speaker comments on the current tax reform proposals by the ruling party and the opposition. While both have increased certain deductions to alleviate the burden of the acquisition tax, each has kept certain cards hidden, such as not addressing the spouse deduction or the child deduction adequately. The speaker expresses uncertainty about the final outcome of these reforms, suggesting that the situation is fluid and that the true impact of these changes remains to be seen.

Mindmap

Keywords

💡Inheritance Tax

Inheritance tax is a tax levied on the transfer of a deceased person's estate to their heirs. In the context of the video, it is discussed as a potential change from the current system to an 'Inheritance Acquisition Tax', which would shift the tax burden to the inheritors rather than the estate. The video mentions the urgency for individuals to prepare for this change as it could significantly impact their financial situation.

💡Inheritance Acquisition Tax

Inheritance Acquisition Tax is a proposed new system in which the tax is paid by the inheritors of an estate, based on the value of the inheritance they receive. The video discusses how this tax system could lead to a more equitable distribution of tax burdens, as it would be based on the individual's ability to pay, rather than a lump sum from the estate.

💡Tax Burden

Tax burden refers to the total amount of tax that an individual or entity is required to pay. The video script discusses the potential shift in tax burden due to the proposed change in inheritance tax laws, where the burden could be spread out among multiple inheritors, potentially reducing the overall tax rate and financial impact on each individual.

💡Tax Reform

Tax reform refers to changes made to the tax laws or systems to improve efficiency, fairness, or to generate more revenue. The video script highlights ongoing discussions and plans for tax reform in the context of inheritance and estate taxes, indicating a shift towards an 'Inheritance Acquisition Tax' system.

💡Tax Deduction

Tax deduction is an amount that can be subtracted from the taxable income to reduce the tax liability. The video explains how deductions, such as the basic deduction and child deduction, are used to calculate the tax owed on inherited assets. It also discusses the potential changes in these deductions under the new tax system.

💡Tax Exemption

Tax exemption refers to income or financial activities that are not subject to taxation. The video script mentions the possibility of tax exemption on certain types of inherited assets, especially when they are bequeathed to children, highlighting the complexities and potential benefits of the current and proposed tax systems.

💡Tax Planning

Tax planning involves the strategies used to minimize tax liabilities while remaining compliant with tax laws. The video script provides insights into tax planning in the context of inheritance, suggesting methods such as establishing family corporations or making pre-mortem gifts to reduce the tax burden on inheritors.

💡Family Corporation

A family corporation is a business entity owned and controlled by a single family. The video script suggests that owning real estate through a family corporation could be a strategy to mitigate the impact of the 'Inheritance Acquisition Tax', as it might allow for tax deductions or exemptions on the transferred assets.

💡Pre-mortem Gift

A pre-mortem gift is a transfer of assets made by an individual during their lifetime, typically to reduce the value of their estate and thus the inheritance tax burden. The video discusses the potential benefits of making pre-mortem gifts, especially of real estate, to children to avoid higher taxes under the new system.

💡Tax Rate

Tax rate is the percentage at which an individual or entity is taxed. The video script discusses how the tax rate could be affected by the proposed changes to the inheritance tax system, with different rates potentially applying based on the value of the inheritance and the number of inheritors.

💡Tax Liability

Tax liability refers to the amount of tax owed by an individual or entity. The video script explains how tax liability could change under the proposed 'Inheritance Acquisition Tax' system, with inheritors potentially facing different levels of liability based on the value of their inheritance and available deductions.

Highlights

Inheritance tax is likely to be changed to an acquisition tax on inheritance.

Preparation for the inheritance acquisition tax is advised as soon as possible.

Park Chan-dae, the Democratic Party's floor leader, suggested reviewing the current inheritance tax system.

Choi Sang-moo, the Minister of Economy and Finance, announced plans to finalize the government's position on inheritance acquisition tax by the end of the year.

The remaining deduction in the tax reform plan has been increased from 5,000 to 5 billion, outlining the inheritance acquisition tax.

The Ministry of Economy and Finance has been operating a team for inheritance tax reform since the previous administration.

The current government has also established a team for inheritance tax reform, fulfilling a campaign promise.

The advantages of the inheritance acquisition tax include a potential reduction in tax burden due to the dispersion of assets among heirs.

The inheritance acquisition tax aligns with the principle of taxing based on the ability to pay, promoting fairness.

The inheritance acquisition tax may reduce disputes among heirs by clearly defining their shares according to the will.

Concerns about the inheritance acquisition tax include the requirement for heirs to open their accounts for the past 10 years for tax submission.

The inheritance acquisition tax may lead to a loss of combined tax deductions, potentially increasing the tax burden for some heirs.

For those with valuable real estate, establishing a family corporation quickly can help prepare for the inheritance acquisition tax.

Pre-gift valuable real estate to children to avoid inheritance tax on unrealized gains.

Using spouse deductions for inheritance can lead to a tax bomb when the spouse passes away and inheritance tax is reassessed.

The current tax reform plan has increased the remaining deduction significantly, but both the ruling and opposition parties are hiding their cards.

The uncertainty of the tax reform plans makes it difficult to conclude which side is more advantageous.