[2021 National Audit] Hong Nam-ki "Capital Gains Tax Reduction Not Closely Related to Listings"

October 6 National Assembly Budget Committee Ministry of Economy and Finance Tax Policy Audit

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki appears at the National Assembly's Planning and Finance Committee's audit of the Ministry of Economy and Finance held on the 6th, responding to lawmakers' questions. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki stated on the 6th during the National Assembly audit that lowering capital gains tax would not have a significant effect in inducing listings.

During the morning session of the National Assembly's Planning and Finance Committee audit of the Ministry of Strategy and Finance, Hong responded to Democratic Party lawmaker Jeong Il-young's remark that "there is talk that temporarily lowering capital gains tax would increase supply" by saying, "Last year, before the capital gains tax was increased, a grace period of more than six months was given."

When Rep. Jeong asked again, "Wasn't there no effect?" Hong replied, "That's right. Lowering the capital gains tax is not strongly correlated with an increase in listings."

When Rep. Jeong asked for his opinion on raising the capital gains tax exemption threshold for single-homeowners from the current market price of 900 million won to 1.2 billion won, Hong said, "Since it is currently under review by the National Assembly subcommittee, we will closely consult on it."

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