Yoon Suk-yeol: "If Elected President, Comprehensive Reassessment of Comprehensive Real Estate Holding Tax"

Integration of Comprehensive Real Estate Tax and Property Tax
Exemption for Single-Homeowners Under Review

Yoon Seok-yeol, the presidential candidate of the People Power Party, is attending a press conference hosted by the Seoul Foreign Correspondents' Club (SFCC) at the Press Center in Jung-gu, Seoul, on the 12th, responding to questions from the press. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Jeon Jinyoung] Yoon Seok-yeol, the presidential candidate of the People Power Party, announced on the 14th, "If I become president, I will conduct a comprehensive review of the comprehensive real estate holding tax (종합부동산세)."

On the morning of the same day, Yoon posted on Facebook a message titled "By this time next year, I will ensure there is no worry about the 종부세 bomb," expressing this intention.

He said, "Even though the number of taxpayers subject to the 종부세 is very small, it is a problematic tax. There has been continuous controversy since its introduction," adding, "Issues include double taxation on the same tax base as property tax, violation of tax equality principles, violation of property rights protection principles, and problems of excessive taxation."

He continued, "The Moon Jae-in administration and the Democratic Party treat citizens who own high-priced real estate or multiple homes as criminals and impose high taxes as if it were the realization of justice," emphasizing, "(However) for those subject to the 종부세, it inevitably becomes a tax bomb."

Yoon stated, "We aim to alleviate the rapid increase in holding tax burden on the people and promote transactions of existing homes by lowering capital gains tax rates to induce price stabilization," and added, "We will slow down the increase in official property prices to prevent a sharp rise in holding taxes."

He also said, "We will reduce the tax rate for single-home owners per household and consider introducing a system that defers payment for long-term elderly single-home owners until they sell or inherit the property," raising his voice, "In the mid to long term, we will also consider integrating the 종부세 into the property tax or exempting single-home owners altogether."

He concluded, "By this time next year, I will make sure that the public no longer has to worry about being hit by the 종부세 bomb."

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