"Excluding Multi-Homeowners' Capital Gains Tax Increase Postponement Bill from This Month's Agenda Not Ruled Out"

Park Wan-joo, Chairman of the Policy Committee, is attending the floor strategy meeting held at the National Assembly on the 31st and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] On the 14th, Park Wan-joo, the Policy Committee Chair of the Democratic Party of Korea, commented on Lee Jae-myung, the Democratic Party's presidential candidate's statement about a "one-year additional deferral of capital gains tax," saying, "It is true that this was already under discussion," and added, "We are considering measures including retroactive application to those who have already sold their houses."

At a press briefing held that morning, Chair Park said, "Candidate Lee proposed the idea of deferring the capital gains tax by period," and "Yoon Hu-duk, head of the Democratic Party's election campaign policy headquarters, also stated that discussions will take place, so we will consider market reactions and government opinions comprehensively." When asked if it would be processed within the December extraordinary session of the National Assembly, he replied, "This issue is not a campaign pledge but a legislative task," and added, "We do not rule out processing it within the December extraordinary session."

Regarding the easing of comprehensive real estate tax for multi-homeowners, he said that a "pinpoint adjustment" is under review. Although the deferral of the official housing price realization rate is not being considered, adjustments to property tax and health insurance premiums will be reviewed through consultations between the party and the government.

He stated, "We are reviewing measures to minimize damages caused by unintended consequences." He referred to Lee Jae-myung's remark on the 12th, saying, "He said it was unfair that even a rural shack he bought was counted as a house, making it two households and thus subject to heavy comprehensive real estate tax." He added, "It is an absurd matter, and it is right to adjust it within the bounds of common sense."

However, regarding the issue of official housing price realization, Chair Park said, "What the party and government are demanding from the working-level authorities is a policy effort to ensure that property tax and health insurance premiums do not increase for single-homeowners and low-income households." To this end, measures such as slowing down or deferring the pace of raising the official price realization rate to 90% of market price are being discussed as countermeasures.

Nevertheless, Chair Park said, "To be precise, we are not considering deferring the realization rate," and added, "We plan to hold party-government consultations soon regarding the reviewed contents related to property tax and health insurance premiums."

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