Ryu Seong-geol "Proposing Comprehensive Real Estate Tax from 1.4 Billion to 1.2 Billion... No Contact from Opposition Yet"

"Democratic Party, Quite Negative Stance
Likely Reviewing Internally"

Ryu Seong-geol, member of the People Power Party./Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lee Hyun-joo] On the 31st, Ryu Seong-geol, a member of the ruling People Power Party and the floor leader of the National Assembly's Planning and Finance Committee, proposed to the Democratic Party of Korea to lower the basic deduction amount for the Comprehensive Real Estate Holding Tax (종합부동산세, Jonghap Budongsanse) special case from 1.4 billion KRW to 1.2 billion KRW, but said that there has been no contact so far.

Ryu appeared on MBC Radio that day and said, "I met directly with the opposition floor leader yesterday," adding, "I proposed 1.4 billion KRW, but from the beginning, 1.4 billion, 1.3 billion, or 1.2 billion KRW are all adjustable. I suggested that we review it together with the related statistics and data, but the response was very negative, so I finally proposed 1.2 billion KRW."

There has been no response from the Democratic Party regarding the 1.2 billion KRW basic deduction amount. Ryu said, "We made the proposal, and they are probably reviewing the related matters internally," and added, "If an agreement between the ruling and opposition parties is reached today, a full meeting of the Planning and Finance Committee is scheduled to be announced at 10 o'clock."

When asked whether the special case bill for the Comprehensive Real Estate Holding Tax is expected to pass at the full committee meeting that day, he responded positively. Ryu said, "It could pass," and added, "If an agreement is reached, although it may take some time, I believe it can be processed either this morning or afternoon."

He continued, "I believe they have thought about it a lot last night and considered it carefully, so I am expecting a good response," and said, "I will call directly after the broadcast."

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