(Political) Legislation to suspend taxes on virtual assets and relax inheritance taxes failed to reach agreement between the ruling and opposition parties.

On By Pranco

Major changes to the tax code that included the demands of the government and the ruling party, such as suspending taxation of virtual assets and relaxing inheritance taxes, failed to pass the threshold of the National Assembly’s Committee on Strategy and Finance exceeded because the ruling and opposition parties failed to reach an agreement.

The secretaries of the ruling and opposition parties negotiated the suspension of the tax on virtual assets, a separate tax on dividend income and whether to reduce the maximum rate of inheritance tax, but failed to hold a general meeting with the subcommittee on taxes, which was scheduled because they could not narrow their differences.

These changes to the tax law are subsidiary revenue budgets designated by National Assembly Speaker Woo Won-sik, and will automatically be submitted to the plenary on the 1st of next month if the committee fails to make its decision tomorrow ( 30th) to be completed.

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