Gov't set to revise property tax plan amid public backlash, ruling party pressure
The ruling party and government have agreed to ease the simultaneous increase in property holding and capital gains taxes for non-resident single-home owners, party officials said Monday. The agreement puts the government’s real estate tax reform package, unveiled on Aug. 3, back under review just three weeks after its announcement. “The government will broaden the circumstances under which…
The ruling party and government have decided to review their property tax plan following public backlash and pressure from the ruling party. The announcement of the real estate tax reform package on August 3 has now been put back under review just three weeks after its initial release. Finance Minister Koo Yun-cheol announced that the government will revise the conditions for recognizing periods of nonresidency as residence when justified, in response to public concerns and attempts to find a more reasonable solution.
The reconsideration is driven by growing resistance within the ruling party and mounting public complaints about housing policies, especially in Seoul. As the controversy over real estate policies becomes a factor contributing to President Lee Jae Myung's declining approval ratings, the presidential office has also expressed support for revisiting the plan.
Specific revisions could potentially be outlined as early as this week. The original proposal on August 3 suggested a basic deduction for non-resident single-home owners, but the government is now open to making adjustments based on public input.
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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