Inheritance attorney, are there any disadvantages to paying inheritance tax late?

Hello. This is the inheritance attorney from Daeryun (LLC) Law Firm.

First, inheritance tax must be reported and paid within 6 months from the end of the month in which the inheritance commenced.

If the report is not made within this deadline, an additional payment delinquency tax of 20% of the tax amount payable may be imposed.

For example, an additional tax is imposed in proportion to the period from the deadline to the voluntary payment date for unpaid or insufficient tax amounts, applying a rate of 0.00022.

◇ Calculation of payment delinquency tax

[Unpaid tax amount or insufficient tax amount X Period from the day after the payment deadline to the voluntary payment date or tax notice date X 0.00022]

Therefore, it is important to meet the inheritance tax payment deadline, and missing the deadline can lead to greater disadvantages, so it is good to pay within the deadline.

If it is difficult to liquidate assets to pay the tax, it is also good to consult with an inheritance attorney or tax accountant to explore other payment methods.

For details, please consult with an inheritance attorney with abundant case experience.