The National Tax Service (NTS) has launched a fact-check initiative to correct misleading information about inheritance and gift taxes circulating on platforms like YouTube and social media.
On May 31, the NTS announced it would distribute a guide titled "Misconceptions and Truths About Inheritance and Gift Taxes" to clarify common misunderstandings and provide accurate legal standards regarding these taxes.
Interest in inheritance and gift taxes has surged due to rising asset prices in real estate and stocks, coupled with an aging population leading to increased asset transfers. However, incorrect information has proliferated online. For instance, claims have been made that simply writing specific phrases in transfer memos when sending money between family members can avoid tax audits, or that using a parent's credit card while saving an entire salary poses no issues.
In response, the NTS conducted a survey with 144 participants from a public advisory group to identify ten practical topics. Key issues include: child living expenses and allowances, interest-free loans between family members, using parents' credit cards, inheritance tax reporting, funding plans, encumbered gifts, pre-gift assets, wedding gifts, estimated inherited assets, and parents' life insurance.
The guide presents commonly encountered expressions as "misunderstandings" and explains the legal standards as "truths." It also includes practical advice, a safety zone guide, and an "Understanding Zero Misunderstandings Test" in a quiz format.
The survey revealed that respondents primarily obtain information about inheritance and gift taxes from YouTube and social media, but many expressed skepticism about the accuracy of this information, indicating a strong need for fact-checking.
Reflecting public demand, the NTS has also created short videos, each about one minute long, on five highly relevant topics. The first video was released on the same day and will be made available sequentially on the NTS's official YouTube channel.
An NTS official stated, "We will expand our user-centered guidance to address the tax-related questions and misconceptions that citizens encounter in their daily lives, going beyond simple legal explanations."
* This article has been translated by AI.
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