Special provisions on inheritance tax regarding works of art
Legal framework: Inheritance and Gift Tax Law, amended on 30 December 2003 under Law no. 7010.  Covers:

• Inheritance and gift tax exemption on artistic and cultural assets
• Partial collection deferment of inheritance tax on cultural assets or museum materials (Article 74
• Inheritance tax exemption on the assets contributed to non-profit corporations operating art and culture business (Article 16)
• Gift tax exemption on the assets contributed to non-profit corporations operating art and culture business (Article 48)
• Inheritance and gift tax exemption on the assets contributed through charitable trust corporations to non-profit corporations by heirs, ancestors or donors (Article 17)

Source: National Commission of the Republic of Korea for UNESCO, July 2004.
For more information visit the website of The Ministry of Culture and Tourism (MCT) of the Republic of Korea: http://www.mct.go.kr/english/