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) shared a consensus Sunday on the need to relax a proposed tax revision that could hurt single-home owners not living in the property, a party spokesperson said. The consensus was reached during a high-level policy coordination meeting held for the first time since last Monday's election of former Prime Minister Kim Min-seok as DPK…
The government and the ruling Democratic Party of Korea (DPK) reached an agreement on Sunday regarding a proposed tax revision that could negatively impact single-home owners who do not live in the property, according to a party spokesperson. This consensus emerged from a high-level policy coordination meeting held for the first time following the election of former Prime Minister Kim Min-seok as DPK leader last Monday.
Park Sung-joon, a senior spokesperson for the DPK, announced the agreement at a press briefing at the National Assembly after the meeting. He stated that the two sides agreed to expand residency recognition for individuals who cannot reside in their property due to unavoidable circumstances.
Moreover, the DPK and the government agreed on a revision to the law, which would enable local government officials to issue construction permits for residential complexes containing up to 500 units. During the meeting at Prime Minister Han Seong-sook's official residence, Kim addressed the controversy surrounding the government's efforts to boost housing supply in the greater Seoul area.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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