Transition Team "Establish Real Estate Tax TF in New Government... Will Address Overall Issues Including Officially Announced Prices"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Bu Aeri] The new government will establish a task force (TF) to review the entire real estate tax system.

Kim Ki-heung, deputy spokesperson of the Presidential Transition Committee, held a briefing on the morning of the 7th at the committee office in Tongui-dong, Jongno-gu, Seoul, stating, "We are currently reviewing the entire tax system," and added, "Once the government is launched, a TF will be formed to promote the normalization of real estate taxation." This was also a pledge made by President-elect Yoon Seok-yeol.

Deputy spokesperson Kim said, "It is difficult to specify which tax items are problematic and the direction they will take within the Transition Committee's real estate TF," but emphasized, "The President-elect's consistent position, also mentioned in his pledge, is to reform the real estate tax system according to tax principles rather than for the purpose of managing the real estate market." He added, "Regarding property tax, there has been a stance to adjust the level and fluctuation considering taxpayers' ability to bear the burden."

The new government's real estate tax TF will address not only property tax but also the issue of restructuring official property prices. Deputy spokesperson Kim stated, "Official property prices affect not only taxes but also health insurance premiums, the selection of basic livelihood security recipients, and the overall welfare system, so it is a matter that requires a multifaceted approach," and added, "Various measures, including legislative options, are being prepared, and tax issues will be actively addressed by the real estate tax TF once the government is launched."

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