Lee Nak-yeon "There is merit in claims for comprehensive real estate tax reduction for single-homeowners... Legal amendments should be made if necessary"

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] Lee Nak-yeon, Chair of the Democratic Party's COVID-19 National Crisis Overcoming Committee, stated on the 2nd regarding the comprehensive real estate tax policy, "Consideration is needed taking into account the reality of single-home real demand households," adding, "There is room for revision."

Chair Lee made these remarks in response to reporters' questions at a Broadcasting Reporters Club invitation debate held at the Broadcasting Hall in Mok-dong, Seoul, on whether the current legislation on the comprehensive real estate tax could be changed.

Earlier, Democratic Party candidates running in metropolitan constituencies such as Gangnam in Seoul and Bundang in Seongnam, Gyeonggi Province, pledged to reduce the comprehensive real estate tax burden on single-home households. However, some argued that even for single-home owners, the burden from the strengthened comprehensive real estate tax mainly affects wealthy areas like Gangnam or owners of high-priced homes.

Chair Lee said, "I occasionally hear such comments even in Jongno regarding easing the comprehensive real estate tax. In short, single-home real demand households without significant other income suffer greatly from the heavy taxation," adding, "There is merit to such complaints. For single-home real owners without substantial income, consideration reflecting reality is necessary."

Regarding the government's provision of emergency disaster relief funds to overcome the COVID-19 pandemic, he said, "The reason why more local gift certificates were distributed than cash support in the last supplementary budget was to emphasize stimulating consumption," adding, "The method of distribution this time will be decided later, but consideration should be given to directing more towards consumption."

He continued, "I believe vulnerable employment sectors such as special employment should be reflected in the second supplementary budget, and I have requested this from the government," adding, "We will strive to identify all blind spots missed by statistics and policies and ensure they are included in the second supplementary budget."

On calls for deregulation from businesses, he said, "The Federation of Korean Industries proposed deregulation, and I publicly stated at the party's official meeting that whether it is the Federation or labor groups, if someone proposes a policy, the party will review it and boldly accept reasonable suggestions," adding, "I believe deregulation is necessary."

He added, "Green Cross, which is developing a COVID-19 treatment, is also requesting deregulation," and said, "Since this is a situation comparable to wartime, I believe such regulations need to be boldly eased, and we are consulting with the government on such deregulation."

This content was produced with the assistance of AI translation services.