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The tax base date for inheritance tax is the inheritance start date. As shown in the table below, when the inherited property is 100 million won or less, the tax rate is 10%, but if it exceeds 100 million won and falls below 500 million won, the tax rate is 20%, from more than 500 million won to less than 1 billion won, 30%, and for those exceeding 1 billion won. Inheritance tax is reported and paid to the tax office with jurisdiction over the deceased's address and is due by inheritance.

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The inheritance start date refers to the date of the deceased's death, and based on this point, the inherited property is evaluated and inheritance tax is calculated. In the tax law, the time of property valuation for inheritance tax is set as the inheritance commencement date, and in the case of inherited property, if there is a sale, appraisal, expropriation, public sale or auction within 6 months before or after the inheritance commencement date. The tax base date for inheritance tax is the inheritance start date.

The tax base date for inheritance tax is the inheritance start date, and the finalization of inherited property and the inheritance tax payment deadline are also based on the inheritance start date.

Inheritance tax refers to a tax levied on inherited property when the property is transferred free of charge to family members, relatives, etc. upon death. Report and pay within 6 months from the day after the inheritance start date (date of death) (9 months for overseas residents) When calculating the tax base, add up the amount of gifts made within 10 years before the inheritance start date. Be sure to check the tax law revision plan and the official website every July and January. Basically, tax rates vary from 10% up to 50%. The basic deduction of 500 million won applies to those with a spouse, and 200 million won to the sole heir.

Inheritance tax reports are filed at the tax office with jurisdiction over the deceased's address, and must be reported and paid within six months from the end of the month in which the inheritance commencement date falls. When reporting inheritance tax, each heir must calculate the relevant tax amount and submit it to the tax office, and the tax amount is deducted from the value of the inherited property. The tax base date for inheritance tax is the inheritance start date, and the finalization of inherited property and the inheritance tax payment deadline are also based on the start date. Inheritance tax must be reported and paid to the tax office with jurisdiction over the address of the deceased.