So, what are you going to do about the 종부세?

At the First Meeting of the Opposition Real Estate Special Committee
Policy Directions on Taxation and Others at Odds
Chief Spokesperson: "No Tax Discussions"
Floor Leader Reverses Position in a Day

Focus on Measures for the Homeless
Future Discussions Expected on Tax Reform

Jin Sun-mi, Chair of the Real Estate Special Committee of the Democratic Party of Korea, is delivering opening remarks at the 1st meeting of the Real Estate Special Committee held at the National Assembly Members' Office Building on the 27th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Jeon Jinyoung] Amid ongoing confusion within the Democratic Party of Korea over whether to 'adjust the trajectory' of real estate taxation, a special committee tasked with managing this issue held its first meeting on the 27th. The committee is expected to focus on measures such as easing loan regulations for non-homeowners going forward. However, even during the first meeting, discord continued as the floor leader reversed the chief spokesperson’s position.

Jin Sun-mi, the committee chairperson, said in her opening remarks at the meeting, "Knowing the public’s anger expressed in the April 7 by-elections, I start this real estate special committee with a heavier heart than ever before. The goals are clear: restoring the full function of housing and stabilizing the real estate market. We will observe points of disappointment and anger and make adjustments and improvements if necessary."

However, it remains uncertain whether a unified opinion will be reached within the party in future meetings. After the meeting, Yoo Dong-soo, the senior deputy chair of the Policy Committee and a member of the special committee, told reporters, "Some members of the Planning and Finance Committee have raised opinions about easing the comprehensive real estate tax (종부세), but nothing has been decided yet. The special committee discussed easing measures for non-homeowner actual demanders. Discussions related to rental business operators will also be among the topics to be addressed."

Unhojung, Emergency Committee Chairman of the Democratic Party of Korea, is delivering opening remarks at the 1st meeting of the Special Committee on Real Estate held at the National Assembly Members' Office Building on the 27th. Photo by Dongju Yoon doso7@

Yoon Ho-jung, the floor leader and emergency response committee chair, also told reporters after the meeting, when asked whether tax-related discussions would be included in the special committee, "While we cannot drastically shake the policy direction, we do not exclude it." This explanation differs from what chief spokesperson Choi In-ho stated the day before. Choi had said, "I can firmly say there will be no tax-related discussions for the time being." This implied that the focus would be on measures for non-homeowners rather than the comprehensive real estate tax issue. When asked about the difference in views between the two, Yoon showed discomfort, saying, "Since (Chief Spokesperson Choi’s) term is ending, he is no longer spokesperson but a regular member." In summary, the special committee will initially concentrate on preparing measures related to easing loan regulations for non-homeowners and then look into whether to reform taxation, including easing the comprehensive real estate tax, in the future.

Hong Ik-pyo, chair of the Policy Committee, also said in an interview with KBS Radio’s ‘Choi Kyung-young’s Strong Current Affairs’ on the same day, "Within the party, there is still a strong stance that the comprehensive real estate tax should be handled more strictly," adding, "Even if it is addressed, I think it will be a very low priority." He further explained, "Regarding easing loan regulations or eligibility conditions for non-homeowners and actual demanders, we expect to prepare and announce measures soon. I believe it will be possible by mid-May at the latest."

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