NTS: "Spousal deduction at 1 billion won" vs. Finance Ministry: "No review underway"

[Financial News] Lim Gwang-hyun, a former Democratic Party of Korea lawmaker who now heads the National Tax Service, argued that the spousal inheritance deduction should be increased from 500 million won. The Ministry of Economy and Finance, however, drew a line, saying it is not reviewing the matter.
At a National Assembly Special Committee on Budget and Accounts meeting on the 25th, Lim said, "The spousal deduction has remained at 500 million won for about 30 years. There is an urgent need for improvement."
Lim had previously proposed a bill in 2024, when he was a Democratic Party of Korea lawmaker, to raise the minimum spousal inheritance deduction to 1 billion won.
However, Vice Finance Minister Heo Jang dismissed the idea at the meeting, saying, "There is no additional review at this point."
The Democratic Party of Korea appears to share Lim's concerns. Lee Kwang-jae, chair of the budget committee, said, "We need to take a comprehensive look at tax laws and tax bases that no longer fit amid rising national income."

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