Over 5 Years, Comprehensive Real Estate Tax Increased 3.5 Times... Inheritance and Gift Tax Also Up 2.1 Times
[Asia Economy Sejong=Reporter Son Seon-hee] The comprehensive real estate tax collected by the government has increased 3.5 times over the past five years.
According to the government on the 10th, the Ministry of Economy and Finance expects this year's comprehensive real estate tax revenue to reach 6.8 trillion won. This is about 3.6 times the comprehensive real estate tax revenue of 1.9 trillion won in 2018, the first year the Moon Jae-in administration fully implemented real estate tax reforms.
During the same period, national tax revenue increased by 35%, from 293.6 trillion won to 397.1 trillion won. Compared to the overall tax revenue growth rate, this indicates that the comprehensive real estate tax has increased relatively rapidly.
This is interpreted as a result of government policies such as the introduction of higher tax rates for multiple homeowners, combined with a surge in global liquidity during the COVID-19 pandemic, which led to a sharp rise in real estate prices.
Not only the comprehensive real estate tax but also inheritance and gift taxes more than doubled during the five years of the Moon Jae-in administration. This year's inheritance and gift tax revenue is projected to be 15.8 trillion won, 2.1 times the 7.4 trillion won collected in 2018.
This is analyzed to be due to an increase in cases choosing gifts over sales amid strengthened real estate-related taxes such as comprehensive real estate tax and capital gains tax, as well as the deaths of prominent business figures, including the late Honorary Chairman Lee Geon-hee, which affected inheritance tax revenue.
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During the same period, income tax increased by 51% and corporate tax by 48%. This is believed to be influenced by increased earned income and capital gains during the economic recovery after the COVID-19 pandemic, as well as increased operating profits of corporations.
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