(From The Korea Herald)
The Korean government plans to form a task force next month to introduce the so-called "all-inclusive" taxation system that will impose taxes on all kinds of inheritance and gifts, the Ministry of Finance and Economy said yesterday.
The task force, consisting of public officials as well as private sector experts, will discuss revising the current taxation law to adopt the new taxation system on inheritance and gifs, the ministry said.
It will try to submit a bill for the law revision to the National Assembly in September for its implementation starting next year, it added.
The new taxation system, which is one of …