WASHINGTON: The amount of inheritance taxes paid by wealthy heirs hit a record high last year. The National Tax Service on Sunday said the total amount of inheritance from parents to offspring in 2015 rose 21.7 percent to W13.12 trillion compared to 2014 (US$1=W1,124).
From 2012 to 2014, the annual amount hovered between W10.2 trillion and W10.8 trillion. Inheritance tax revenues exceeded W2 trillion for the first time last year at W2.19 trillion, up a whopping 32.5 percent from the previous year. An NTS official said, “The rise seems mainly due to the spike in real estate values in recent years given that there have been no changes in inheritance tax laws.”
More people left substantial inheritance to their children. In 2014, only 1,619 people left more than W2 billion worth of assets but that rose 10.3 percent to 1,785 last year. Also, 167 people left more than W10 billion in inheritance, and 18 left more than W50 billion.
