Finance Minister Choi Sang-mok said Thursday that the nation should place a priority on reforming the inheritance tax system.

The minister issued the call during a forum organized by Korea News Editors’ Association at the press center in central Seoul. 

When asked about the government’s priority with regard to reforms to comprehensive real estate holding tax, corporate tax and inheritance tax, Choi said in terms of urgency, he personally prioritizes inheritance tax, adding that the tax rate is quite high.

The minister pointed out that since the tax system has not been revised for more than 20 years, there is an understanding on the need to revise the system in a reasonable way, but acknowledged there are various opinions on which tax should be reformed first. 

As for the comprehensive real estate holding tax imposed on the ownership of multiple houses or a single high-value property, Choi said although the tax burden has been greatly reduced under the Yoon administration, there is much room for improvement in the overall system and other areas.