Park Wan-joo on the Ruling Party's 'Comprehensive Real Estate Tax Relief Plan': "Retroactive Application Undecided... Government Opposes"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] On the 28th, Park Wanju, the Policy Committee Chair of the Democratic Party of Korea, stated regarding presidential candidate Lee Jae-myung's proposal to temporarily ease the comprehensive real estate tax on multiple homeowners and apply it retroactively, “The party and government have not finalized anything yet,” adding, “The government is exactly opposed to this position.”

At a press briefing held at the National Assembly that morning, Chair Park said, “We have had two or three working-level party-government meetings. However, the party and government have not finalized anything yet.”

When asked about the government’s stance, he said, “The government is opposed.” When asked why the government opposes, he explained, “That is not something I should answer,” adding, “If the law is revised again within a year or a short period, issues of fairness and stability could arise, so the government is taking a cautious stance.”

Regarding the timeline, he said, “There are no plans for additional party-government consultations within this year, and discussions will be held next year based on each side’s reviewed opinions.” Chair Park added, “When the comprehensive real estate tax law was made last time, there were parts that lacked detail, and the party and government acknowledged this and agreed to improve it. The issue is related to timing, and fairness controversies could arise during the retroactive process.”

Regarding the postponement of the capital gains tax surcharge on multiple homeowners currently being discussed in the party’s working group, he said, “Capital gains tax is not being discussed for the first time; it has been discussed several times before, so it is a matter that can be settled,” emphasizing, “Whether it is capital gains tax or comprehensive real estate tax, the direction is to ensure that single-homeowners are inconvenienced as little as possible and that unfair parts are remedied.”

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