Cabinet Meeting Submits Amendment to Inheritance and Gift Tax Act
Lee Juho: "Elections are the flower of democracy... Government and Election Commission must work together"
Calls for active voter participation and fair, transparent election management
First official discussion on inheritance system reform in 75 years
Emphasis on easing tax burden for middle-class and families with multiple children
On May 20, Lee Juho, Acting President and Deputy Prime Minister and Minister of Education, stated, "Elections are the flower of democracy," and emphasized, "For this flower to fully bloom, both the National Election Commission and the government must fulfill their duties with one heart, ensuring fair and transparent election management."
During his opening remarks at the Cabinet meeting held at the Government Complex Seoul that morning, Lee said, "The presidential election is now just two weeks away. Starting today, overseas voting for Korean nationals will also begin." He further instructed, "I ask the National Election Commission to strengthen the advance voting management system for this presidential election and to do their utmost to ensure that there are no loopholes in any of the procedures, especially regarding the safe transport and thorough reinforcement of ballot boxes."
He also encouraged the public to actively participate in voting. Lee stated, "Above all, the valuable participation of each and every citizen is the driving force that protects democracy in Korea," and added, "The more citizens who head to the polling stations, the more our society will move in a better direction."
On this day, a revision to the Inheritance and Gift Tax Act was submitted at the Cabinet meeting. Lee emphasized, "For the first time in 75 years since the enactment of the Inheritance Tax Act in 1950, we are officially beginning discussions on reforming the inheritance system through the government's proposal," and added, "By fundamentally shifting the taxation perspective from the decedent to the heir, this will be an important turning point for the inheritance tax system, as it will enhance tax fairness and reduce the tax burden on the middle class and families with multiple children."
He continued, "Although there are some differing opinions regarding the amendment, there is broad consensus in the National Assembly and among the public on the need to ease the inheritance tax burden and to make the tax system more realistic." He added, "I ask the Ministry of Economy and Finance and other relevant ministries to make every effort to communicate with the National Assembly and the public so that the amendment can be processed promptly through thorough deliberation in the National Assembly."
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