INHERITANCE TAX

WHAT IS INHERITANCE TAX AND WHICH COUNTRIES ENFORCE IT? 

Published By MintGenie Team | 25 Apr, 2024

Who is Sam Pitroda?

Pitroda, the chairman of the Indian Overseas Congress, sparked a debate with his recent remarks on the topic of 'inheritance tax' in India.

What Were Sam Pitroda's Remarks?

Earlier, Pitroda underscored the significance of wealth redistribution policies by alluding to the concept of inheritance tax in the United States.

What is Inheritance Tax?

Inheritance tax pertains to a state-imposed charge on the assets inherited by an individual.
Credit : PIXABAY

Inheritance Tax Law in India

India had an inheritance tax law in place until it was abolished in 1985.
Credit : PIXABAY
Here are the countries around the globe that implement inheritance tax:
Credit : PEXELS

Japan

Japan, located as an island nation in East Asia, implements the world's highest inheritance tax rate at 55%.
Credit : UNSPLASH

South Korea

South Korea, another nation in East Asia, enforces an inheritance tax rate of 50%.
Credit : UNSPLASH

France

France, a nation in Western Europe, imposes an inheritance tax rate of 45%.
Credit : UNSPLASH

United Kingdom

United Kingdom, the birthplace of Shakespeare, also applies an inheritance tax rate of 40%.
Credit : UNSPLASH

United States

Similar to the United Kingdom, the United States also imposes an inheritance tax rate of 40%.
Credit : UNSPLASH