Hong Nam-ki: "Government Has No Intention to Increase Tax Revenue Through Real Estate Taxation"

Hong Nam-ki, Acting Prime Minister, attended the government questioning session on economic affairs held at the National Assembly plenary session on the 20th and responded to questions from Seo Byung-soo, a member of the People Power Party. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] Hong Nam-ki, Acting Prime Minister, stated on the 20th, "The government has no intention of increasing tax revenue through real estate taxation."

During the economic sector questioning session held at the National Assembly that afternoon, Acting Prime Minister Hong said, "However, there is a natural increase in the comprehensive real estate tax due to strengthened regulations, and the government is reviewing related opinions."

He added, "The government has no plans to impose tax or loan restrictions on the relocation of homeowners with one house or those without a house," and said, "We will consider loan and tax regulation measures for multi-homeowners or short-term investors, and look into whether there are ways to reduce burdens for the homeless, youth, and newlyweds."

In response to a request from Seo Young-kyo, a member of the Democratic Party of Korea, to "provide measures to prevent house price increases and address public anxiety related to real estate," Acting Prime Minister Hong replied, "The government has adopted supply expansion and speculation suppression as measures to stabilize house prices," and added, "There should be no differences between the ruling and opposition parties, nor between central and local governments, regarding the goal of stabilizing the real estate market through speculation suppression and supply expansion."

He continued, "On a broad scale, we will continue to pursue the current policy direction, but since there have been some criticisms that the policies are excessive or do not fit reality, the government will also review them from the perspective of public sentiment."

He further stated, "The government is also concerned as the real estate market, which had recently shown signs of stabilization, has begun to show signs of disruption," and added, "The government and local governments will join forces to make every effort to at least maintain the stability of the real estate market."

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