When I teach international prospect research classes, I often get questions about the legal context for philanthropy in countries around the world. I am not an attorney and cannot offer legal advice, but I can point you to some resources that will help you start exploring international charity law. Previously in this series, I shared some general global resources about charity law and some information about charity law in China. Today, we’re shifting focus to South Korea.
PwC Korea provides a list (in English) of current individual tax deductions, including tax credits for charitable donations.
Thompson Reuters Practical Law website includes, “Private client law in South Korea: overview.” This free online resource provides, in English,
“a high level overview of tax; tax residence; inheritance tax; buying property; wills and estate management; succession regimes; intestacy; trusts; co-ownership; familial relationships; minority and capacity, and proposals for reform.”
Ernst & Young released an International Estate and Inheritance Tax Guide in 2013 that is still relevant as a starting point. The section on South Korea (pp. 268 – 277) includes information on trusts and foundations, grants, tax deductions, and numerous other topics of interest to fundraisers working with prospects in South Korea.
Photo: Gangnam / 강남구 by Joop