Choo Kyung-ho: "If the Comprehensive Real Estate Tax Amendment Fails in the National Assembly, Up to 500,000 People Will Face Heavy Taxation"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed concern on the 29th that "up to 500,000 people could be subject to additional taxation" due to the failure to pass the Comprehensive Real Estate Tax Act amendment.

Deputy Prime Minister Choo made this remark in response to a question from People Power Party lawmaker Bae Hyun-jin during the plenary session of the National Assembly's Budget and Accounts Committee that morning.

He stated, "Considering the National Tax Service's tax collection administrative procedures, the matter must be resolved by the end of August at the latest to avoid additional taxation," adding, "If this is delayed, we will have no choice but to apply additional taxation measures according to the current laws this year," urging bipartisan agreement.

To apply the special provisions on the comprehensive real estate tax prepared by the Ministry of Economy and Finance last month through the tax reform plan?such as excluding temporarily owning two houses this year and the special deduction for one household one house (1.4 billion KRW)?the related bills including the Comprehensive Real Estate Tax Act and the Restriction of Special Taxation Act must be passed in the National Assembly within this month. However, in the current 'minority government' situation, the Democratic Party opposes the easing of the comprehensive real estate tax, calling it a 'tax cut for the rich,' and as a result, the bills have not passed the National Assembly even one day before the deadline.

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