Top 2% of Comprehensive Real Estate Tax Payers Replaced by 1.1 Billion KRW Threshold
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[Asia Economy Reporter Park Cheol-eung] On the 19th, the National Assembly's Planning and Finance Committee held a tax subcommittee meeting and passed an amendment deciding the comprehensive real estate tax (CRET) taxation standard for single-homeowners to be 1.1 billion KRW instead of the top 2% of housing official prices.
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The Democratic Party's real estate special committee proposed adjusting the taxation standard from an official price of 900 million KRW to the top 2%, but the People Power Party opposed it citing rounding controversies, leading to a compromise. However, it is known that the 2% standard would correspond to approximately 1.1 billion KRW in monetary terms.
This content was produced with the assistance of AI translation services.
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