The government and the ruling party agreed to ease tax increases for non-resident single-home owners, putting the Aug. 3 real estate tax reform package back under review. Finance Minister Koo Yun-cheol said the government will broaden when nonresidency can count as residence, while the presidential office signaled support. The move follows backlash within the ruling party and public complaints, and revised measures could be outlined this week.
Prime Minister Han Seong-suk, left, walks with Kim Min-seok, chairman of the ruling Democratic Party of Korea, to attend a high-level meeting between the government and ruling party at the prime minister's official residence in Seoul, Sunday. Yonhap
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 periods of nonresidency can be recognized as residence when justified, while listening to public concerns and seeking a more reasonable solution,” Finance Minister Koo Yun-cheol said during his appearance before the National Assembly.
