Hong Nam-ki: "Temporary Capital Gains Tax Reduction for Multi-Homeowners? ... No Clear Plan to Pursue"

Opening Remarks at the 49th Economic Central Disaster and Safety Countermeasures Headquarters Meeting on the 2nd

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 2nd that there have been "no discussions and no plans to promote" the easing measures on capital gains tax for multi-homeowners.

Deputy Prime Minister Hong made these remarks during his opening statement at the 49th Economic Central Disaster and Safety Countermeasure Headquarters meeting held at the Seoul Government Complex on the morning of the 2nd. In particular, while explaining the matter, he stressed, "I clearly state that there have been no discussions and no plans to promote this."

He continued, "In the current situation where the housing market stabilization trend is continuing and the number of listings is increasing, temporarily lowering the capital gains tax for multi-homeowners could cause renewed instability in the real estate market due to the withdrawal of existing listings by those expecting tax savings during the legislative process," adding, "There are also concerns about side effects such as damage to policy credibility due to repeated suspensions of heavy taxation and feelings of deprivation among the homeless and single-homeowners."

Furthermore, he said, "We will place absolute stabilization of the real estate market, which is of great interest to all citizens, as the top policy priority and make every effort," and requested, "I ask all economic agents to join forces together."

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