South Korea Proposes Tax Breaks to Spur Charitable Bequests and Donations
South Korea is looking to boost charitable giving through changes to inheritance and gift tax laws. The current system places a heavy burden on donors, discouraging bequests and lifetime donations. A new proposal in the National Assembly aims to encourage philanthropy by offering tax incentives for those who leave assets to charity.
Interest in bequest giving—donating assets built up over a lifetime—has grown in Korea. Many see it as a useful tool for estate planning and cutting tax bills. However, the country’s high tax rates on inheritance and gifts remain a major barrier.
The new tax incentives could make Korea’s philanthropy sector more dynamic. If passed, the law would align the country with global trends where tax benefits help grow charitable giving. The goal is to turn private wealth into public resources while offering donors clearer financial advantages.
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