Report of transfer tax

Professional advice will be required for real estate transactions due to application since January 1, 2007 of actual-price reporting, deemed gift between lineal ascendant and descendant, conditional donation, and 8-year qualification.

1. Service scope

Report on behalf of the assignor of the real estate

2. Documents

Copy of assignment contract, Evidences for expenses,
Certificate of resident registration
Previously) Certified copy of real estate register - if necessary
Certificate of land use plan - if necessary

Report of inheritance tax

Inheritance tax shall be reported and paid in 6 months after death. Professional advice will be of much help in relation to review on transaction amount, consolidation of previously gifted properties, consolidation of deemed inheritance properties, and exemption limit.

1. Calculation of tax amount

Inherited value
(-)tax, funeral expense, liabilities
(-)basic personal batch allowance
Basis of Assessment

2. Tax rates

Basis of Assessment Tax rates Accumulated Allowance
Under ₩100 million 10 %
Under ₩500 million 20 % ₩10 million
Under ₩1 billion 30 % ₩60 million
Under ₩3 million 40 % ₩160 million
Over ₩3 million 50 % ₩460 million

3. Inherited value will include below matters.

- Inherited property
Property given to successors within 10 years before commencement of inheritance
Property given to any person other than successors within 5 years before commencement of inheritance

- Deemed inherited property
Property or liability disposed of within 1 year before commencement of inheritance the value of which is exceeding KRW200 million, or within 2 years the value of which is exceeding KRW500 million, when the use is not certain