Inheritance tax payable in installments up to 10 years… From 2023, permit delivery of cultural assets and artworks (comprehensive)

From next year, the inheritance tax can be divided over a period of up to 10 years. From the next year, the road to paying inheritance tax as an artwork will be opened.

According to the amendments to the Inheritance Tax and Gift Tax Act, which the National Assembly Planning and Finance Committee decided on the 30th, the arrears period for inheritance tax on general inherited property will be extended from the current maximum of 5 years to a maximum of 10 years.

An installment payment is a system that provides security for tax payment, such as securities, and allows the payment of taxes over a certain period when the amount of inheritance tax payment exceeds 20 million won. have.

The extension of the arrears payment period will be applied from the beginning of inheritance after January 1 of next year.

There is also a new special case of payment of inheritance tax as an art or cultural property instead.

Although the current law only permits payment of real estate and securities, in the future, only cultural assets and works of historical, academic, and cultural value will be allowed to be paid in person upon request from the Minister of Culture, Sports and Tourism.

However, according to the point of ‘tax cuts for the rich’ raised by some, a requirement was placed so that inheritance tax payment could be made in person only when the amount of tax paid exceeds the value of the financial property of the inherited property.

It was decided to accept only the amount of tax paid on cultural assets or works of art.

The special case of payment in water will be applied from the beginning of inheritance after January 1, 2023.

Previously, the cultural circles have argued that a system of payment for art works should be introduced on the grounds that if the artworks in private collections are quickly disposed of in the process of inheritance, it may cause cultural loss.

In particular, after the death of the late Samsung Group Chairman Lee Kun-hee, the value of the artworks in Lee’s collection reached several trillion won, which gave strength to the argument for allowing payment in water.

However, in the case of the Samsung family, since inheritance has already started and the inheritance tax has been reported and paid, the extension of the arrears payment period or special provisions for payment in installments cannot be applied.

At the same time, the target of medium-sized businesses eligible for family inheritance deduction will increase from less than 300 billion won to less than 400 billion won in sales, and the limit of deduction for agricultural inheritance will be expanded from the current 1.5 billion won to 2 billion won.

The introduction of tax benefits for government bonds for personal investment has been put on hold for now.

Initially, the government was planning to provide a 9% tax benefit on interest income generated when holding government bonds for personal investment until maturity of 10 or 20 years. done.

In addition, imprisonment of not more than two years or a fine of not more than 20 million won has been newly established as a penalty for intentionally obstructing or unduly affecting the customs officer examination.

The individual consumption tax reduction benefits for Jeju Island and membership golf courses in crisis regions will end at once.

It was decided to include the e-sports department, such as games, in the subject of special taxation exceptions such as tax credits that companies can receive when installing and operating the sports department.

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