Democracy Party said on the 11th that the ruling party and the government will coordinate and finalize a major overhaul of the country's tax system within this month. The announcement comes as the public's disapproval rating of the plan has been on the rise.

The Democratic Party announced on September 9th that they would make modifications and improvements to the government's recently released tax reform proposal within the next few months. The proposal includes changes to the housing tax reform and the Individual Comprehensive Asset Management Account (ISA) reform, among others. The party's recent decision comes as negative public opinion about the reforms grows.

The chair of the Democratic Party's policy division, Han Je-gyeong, made this announcement during a press conference at the National Assembly. She stated that the various views of interest groups on the tax reform proposal would be taken into consideration, and that the final version of the reform would likely be finalized by the end of August.

The government plans to submit the revised tax reform proposal to the regular session of the National Assembly before September. The Democratic Party is especially concerned about the strengthening of property tax on "non-resident first-time home buyers" in the housing tax reform. They are seeking feedback on various aspects of the proposal.

Democratic Party key officials said that increasing the support for non-resident first-time home buyers through the inheritance tax or separating the taxes for residents and non-residents could be explored. The party is also discussing housing finance and supply plans in relation to the tax reform proposal. Information suggests that the party is considering financial support measures to connect the marketable properties to residents and reviewing the expansion of subsidized housing construction in the metropolitan area.

Last week, President Yoon Suk-yeol ordered a thorough review of the Individual Comprehensive Asset Management Account reform and the securities market prevention act, and the Democratic Party's policy division chair said that if necessary, "a joint consultation, discussion, and public debate could help properly adjust the reform."