Gov't, ruling party share need to relax tax rule for single-home owners not living in property

The government and the ruling Democratic Party of Korea (DPK) agreed on Sunday to relax a proposed tax revision that could negatively impact single-home owners who are not residing in their property, according to a party spokesperson. This consensus was reached during a high-level policy coordination meeting, which took place for the first time since the election of former Prime Minister Kim Min-seok as DPK leader on Monday.

At a press briefing at the National Assembly following the meeting, DPK senior spokesperson Park Sung-joon announced that the party and the government reached an agreement on various opinions, such as expanding residency recognition for individuals who are unable to live in their property due to unavoidable circumstances. Park also stated that both sides agreed to push for a revision to the law, which would authorize local government officials to issue construction permits for residential complexes containing up to 500 units.

During the meeting, held at the official residence of Prime Minister Han Seong-sook, DPK leader Kim Min-seok addressed the controversy surrounding the government's efforts to increase housing supply in the greater Seoul area.