고령화사회에서 상속세 및 증여세의 합리적 개편방안 검토

By 2025, South Korea is projected to become a super-aged society, with the proportion of people aged 65 and older exceeding 20%. Life expectancy is expected to reach 84.5 years, with an upward trend. Alongside the increase in the aging population, the net assets of older individuals are also growing significantly. A recent analysis of household asset data by Statistics Korea revealed that the net assets of individuals aged 60 and above amount to nearly 4,000 trillion won. For over 20 years, South Korea has not revised the taxation framework for inheritance and gift taxes (hereinafter “I&G taxes”), including tax rates, tax bases, and tax deductions. The outdated tax system has led to issues such as an increased inheritance tax burden on the middle class due to asset value inflation, capital flight and offshore tax evasion resulting from excessive tax burdens, and challenges such as “elder-to-elder inheritance” and the protection of surviving elderly spouses in the context of a super-aged society. Additional unresolved issues include equity concerns in the valuation of taxable subjects based on similar sales cases or retrospective appraisal&assessment, the negative impact of the premium valuation of major shareholders, and stringent requirements for family business inheritance exemptions, all of which hinder corporate sustainability. These challenges necessitate a comprehensive reform of the I&G tax system. In light of these circumstances, the following measures are proposed to reform I&G taxation: Inheritance Tax Reform: While the transition to an Inheritance tax system has been discussed in the reform of inheritance tax, in a situation where the total fertility rate is less than 1.0, this transition could only lead to confusion among the public and an increase in administrative and compliance costs. Therefore, the Estate tax system should be maintained, but with reduced tax rates and streamlined personal and property deduction categories. Deduction amounts for spouses and general inheritance should be increased to reflect current economic realities. Additionally, the control premium valuation under Article 63(3) of the Inheritance and Gift tax Act should be abolished, and the conditions for business succession tax benefits should be rationalized. Gift Tax Reform: An annual tax exemption of up to 10 million won for gifts to children and lineal ascendants is recommended. For gifts designated for entrepreneurship, marriage, childcare, or housing acquisition, the exemption limit should be raised to 500 million won. While maintaining current tax rates, the tax bases sections should be lowered. The gift tax should be exempted up to the amount necessary to stimulate consumption, but for amounts exceeding this, the tax rate should be increased compared to the current level. Common Reforms to I&G Taxes: A new framework for fair market value assessment is needed to enhance equity. The standard should prioritize market value, and in the absence of market value, standardized external appraisal&assessment should be mandated for specified assets. Appraisal costs should be tax-deductible, with valuations determined by averaging assessments from government-designated and taxpayer-recommended appraisal firms. To protect surviving spouses, deduction limits should be increased, and full deduction of residential property value should be allowed for homes cohabited for at least five years. Earmarked Use of I&G Tax Revenue: Revenues generated from I&G taxes should be allocated entirely to social security funds, including health insurance and the national pension system. Given the anticipated fiscal challenges of sustaining the national pension system, especially with rising insurance rates, converting I&G taxes into earmarked taxes for aging society preparedness is imperative. These reforms aim to align the I&G tax system with current socioeconomic realities, mitigate inequities, and secure sustainable resources for social welfare in an aging society.