Transfer Tax Threshold Raised from 900 Million to 1.2 Billion Won, Virtual Asset Taxation Deferred
Income Tax Act Amendment Bill Passed in National Assembly Plenary Session
[Asia Economy Reporter Oh Ju-yeon] The amendment to the Income Tax Act, which includes raising the capital gains tax exemption threshold from 900 million won to 1.2 billion won and postponing the taxation of virtual assets by one year, passed the National Assembly plenary session on the 2nd.
This amendment raises the standard price for high-priced houses, which is the non-taxable threshold for capital gains tax on one household's one house, from the existing 900 million won to 1.2 billion won. In addition, the taxation date for virtual assets is postponed from January 1, 2022, to January 1, 2023.
On the day, Jang Hye-young of the Justice Party and Yong Hye-in of the Basic Income Party held opposing debates regarding the vote on the amendment to the Income Tax Act.
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Representative Jang said, "South Korea is becoming a country where people who own one house can sell a house they bought for 600 million won at 1.2 billion won and make a profit of 600 million won without paying a single won in capital gains tax," adding, "This bill threatens the housing stability of the entire country by reigniting the real estate market that had just begun to catch its breath."
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