Gov't eases property tax reform amid public backlash
The government scrapped a plan to lower the basic deduction under the comprehensive real estate tax to 900 million won ($657,000) for nonresident single-home owners, deciding to retain it at the current level of 1.2 billion won, the Ministry of Finance and Economy said Tuesday. The original measure was intended to tighten property tax rules for homeowners who do not live in their properties, but…
The South Korean government has abandoned plans to lower the basic deduction for property tax for nonresident single-home owners, reversing a controversial move that sparked widespread public backlash. The Ministry of Finance and Economy announced Tuesday that the deduction will remain at the current level of 1.2 billion won, despite initial intentions to tighten tax rules for homeowners who do not live in their properties.
This decision came after the ruling Democratic Party of Korea pressured the government to reconsider the change. The modifications are pending parliamentary approval and may undergo revisions during the legislative process. The tax reform package, introduced last month, aimed to distinguish property tax treatment for single-home owners based on their residential status.
Under the proposed scheme, the basic deduction would have increased from 1.2 billion won to 1.4 billion won.
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- Gov't eases property tax reform amid public backlash koreatimes.co.kr
