"Taeyoungho Proposes 'Second Phase of Comprehensive Real Estate Tax Relief'... 'Punitive Taxation on Seoul and Capital Area'"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Tae Young-ho, a member of the Future United Party, has introduced a bill to revise the comprehensive real estate tax (종부세) by raising the tax threshold for single-homeowners from 900 million KRW to 1.2 billion KRW.

On the 18th, Representative Tae stated, "The Moon Jae-in administration's comprehensive real estate tax policy has a punitive taxation nature imposed on residents of Seoul and the metropolitan area," explaining the purpose of the bill.

Previously, Representative Tae had proposed a bill to exclude single-homeowners from the comprehensive real estate tax. This new bill serves as a 'second phase' of easing the comprehensive real estate tax.

The main point is to raise the housing comprehensive real estate tax threshold from the current 600 million KRW to 900 million KRW, and to legally enhance stability by changing the fair market value ratio, which is currently reflected in the comprehensive real estate tax calculation by presidential decree, into law.

Representative Tae cited a report from the National Assembly's Budget and Accounts Committee, emphasizing that the number of taxpayers and the tax amount subject to the comprehensive real estate tax, which was only 194,700 people and 230 billion KRW in 2014, increased to 400,000 people and 440 billion KRW in just four years.

Representative Tae said, "In the Republic of Korea, a market economy system based on private property rights, is the punitive taxation on a small number of people in specific regions by the Moon Jae-in administration truly for the benefit of the entire country?" He added, "Or is it solely for extracting taxes and dividing society politically and socially by splitting between Gangnam and non-Gangnam, Seoul and non-Seoul? I cannot dismiss these suspicions."

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