Hong Nam-ki: "2% Comprehensive Real Estate Tax Is Not Illegal... Disaster Relief Funds Should Focus on Affected Groups Rather Than Nationwide"
Deputy Prime Minister for Economy Hong Nam-ki is attending the full meeting of the Planning and Finance Committee held at the National Assembly on the 23rd. Photo by Yoon Dong-joo doso7@
View original image[Sejong=Asia Economy Reporter Kim Hyunjung] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki supported the ruling party's plan to impose comprehensive real estate tax on the top 2%, stating that it "does not violate the principle of legality in taxation." This change in the government's previously somewhat negative stance is expected to accelerate discussions between the ruling party and the government.
On the 23rd, during a plenary session of the National Assembly's Planning and Finance Committee, Hong Nam-ki responded to People Power Party lawmaker Yoo Kyung-jun's criticism that the '2% comprehensive real estate tax' plan violates the principles of legality and equality in taxation by saying, "That is not the case." He explained, "In the case of capital gains tax, the standard of 900 million won is set by enforcement decree, so there are legislative precedents," adding, "While it is most desirable to clearly specify the taxable subjects by law, considering past similar legislative cases, I think it will not be difficult." He further stated, "The 2% standard will be legislated with government participation during National Assembly discussions to ensure it is within the scope of tax administration without issues."
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On the other hand, regarding the nationwide disaster relief fund included in the second supplementary budget bill currently under negotiation with the ruling party, the government expressed a negative stance. He said, "The government is not considering (a nationwide support fund)," adding, "During discussions with the party, the focus is on providing substantial support to the affected groups."
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