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Increased number of donations affected by rising home sales price
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[천지일보=김현진 기자] Last year, the number of home donations surpassed 150,000, and the government’s inheritance and gift tax revenues also exceeded 10 trillion won, a record high.
According to the Ministry of Strategy and Finance on the 13th, last year’s inheritance and gift tax amounted to 10,375.3 billion won. This is an increase of 2,462 billion won compared to the previous year, which is 24.6% in terms of growth rate.
This is 1,958.8 billion won (23.3%) more than the estimated tax revenue forecast at the time of the 3rd supplementary budget plan in June last year.
Inheritance and gift tax revenues have been steadily increasing for 11 years, starting at KRW 2.43 trillion in 2009, but the rate of increase last year is at an unusual level.
Last year, the home sales price index rose 5.4%, and the number of home donations was 152,000 households, which increased 37.5% from a year ago, raising the tax revenue for inheritance and gift.
In some cases, housing prices have risen, but as the number of home donations has increased significantly, the tax revenue for inheritance and donations has risen.
On the other hand, the part that moved the hearts of inheritors and donors last year is viewed by the government’s heavy capital gains tax and comprehensive real estate tax policy. It is analyzed that there are many cases where the gift tax is relatively low, 10-50%, while the holding and transaction tax on multi-homed people is excessive, which is an incentive to choose gift instead of sale.
As the number of multi-homed people who choose to donate to avoid the tax burden is increasing, some of the passports are arguing that a gift tax premium should be introduced.
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