Inherently Flawed Inheritance Tax
Read Time: 5 mins 16 secs Inheritance tax - A tax name new to many Indians has taken a front seat as it was mentioned by the opposition party alliance during their election campaigning for general elections. It garnered attention as some people viewed it as a revenue source for the government and others looked at it as an additional tax burden for common citizens. So, let's look at what is it? Are there any countries implementing it? what are the benefits and drawbacks they are facing? and what it means to India? Globally, 27 countries are implementing inheritance tax and the tax rates vary between 0-80%, the highest being in Belgium. Continent-wise break up of countries having inheritance tax is as below Now coming to the definition, the definition of inheritance tax varies slightly based on the country we are referring to, but if we have to generalize, inheritance tax is a tax levied on a person when they inherit properties and assets in a territory governed by a country impos