Acquisition tax
What is the acquisition tax?
- The acquisition tax refers to the local tax imposed on those who acquire real estate, vehicle, golf membership, condominium membership, etc. in the province where the relevant real estate is located (Article 7(1) of the “Local Tax Act”).
· The acquisition tax is imposed if any of the following properties are acquired by inheritance (Article 7(1) of the “Local Tax Act”):
1. Real estate
2. Vehicles
3. Mechanical equipment
4. Standing trees
5. Aircraft
6. Ships
7. Mining rights
8. Fishing rights
9. Aquaculture right
10. Gold membership
11. Horseback-riding membership
12. Condominium membership
13. Sports complex membership
14. Yacht membership