The Democratic Party considers abolishing the exclusion of rental business owners from comprehensive real estate tax aggregation benefits... 'Inducing listings'

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The Real Estate Special Committee of the Democratic Party of Korea announced on the 24th that it is considering abolishing the special exemption system that excludes rental business operators from the comprehensive real estate tax aggregation as a measure to secure housing supply volume in the market.

Yoo Dongsoo, the senior deputy chairman of the party's policy committee and the secretary of the special committee, emphasized in a meeting with reporters after the special committee's supply subcommittee meeting at the National Assembly in the afternoon, regarding the special exemption system for aggregated taxation of rental business operators, "It only makes sense if it is abolished," and added, "If there are no benefits, who would put properties on the market?"

Currently, registered rental housing business operators are exempted from comprehensive real estate tax aggregation, but the committee is considering including them in the aggregation tax target going forward.

Regarding the abolition of other tax benefits for rental business operators, such as special cases for capital gains tax, Yoo said, "We are discussing it," and emphasized, "How to protect livelihood-type business operators and tenants is another key issue."

On the government's plan to utilize public land owned by government ministries to expand supply volume, Yoo said, "The Ministry of Land, Infrastructure and Transport says it is difficult, but the party is telling them to bring in the volume."

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