The Government Tax Commission will set up a meeting of experts to review the inheritance tax and gift tax, and will start discussions next month.
We are going to have a full-fledged discussion about what kind of tax system should be adopted in order to transfer the assets of the elderly to the younger generation and revitalize the economy.
According to a survey conducted by the Ministry of Internal Affairs and Communications three years ago, about 65% of the financial assets owned by households with two or more people are owned by households whose heads are aged 60 or over.
Regarding this situation, the ruling party and others have pointed out that the economy should be revitalized by encouraging the transfer of assets from the elderly to the younger generation through taxation.
For this reason, the Government Tax Commission has set up a meeting of experts and will start discussing the revision of the inheritance tax and gift tax from next month.
As a tax system that was introduced to promote the transfer of assets to younger generations, when gifting, up to a certain amount is exempt from taxation, and when inheritance occurs, the amount exempted from taxation is settled and taxed. There is a settlement tax system.
However, the number of users has not increased due to the complexity of inheritance procedures, and it is expected that the simplification of procedures will be discussed at a meeting of experts.
We would like to incorporate the results of the expert meeting into the report compiled by the Government Tax Commission, as well as reflect it in the discussion of the tax system research commission of the ruling party, which is considering concrete tax system reforms.