Ryu Seong-geol "Deadline for Special Deduction Amendment on Comprehensive Real Estate Tax Is End of This Month"

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

[Asia Economy Reporter Lee Ji-eun] Ryu Seong-geol, the senior member of the People Power Party on the National Assembly's Planning and Finance Committee, urged the opposition party to respond, stating that the amendment to the special deduction for the Comprehensive Real Estate Holding Tax (종부세) must be finalized by the end of this month.

On the morning of the 16th at the National Assembly's floor countermeasure meeting, Representative Ryu said, "The notification letters for approximately 640,000 people expected to be excluded from the 종부세 aggregation and subject to special tax treatment are scheduled to be sent out today."

He explained, "There is little time left to ease the tax burden by changing the special deduction amount for the 종부세," adding, "The amendment to the special deduction amount must be finalized by October 20, when the Ministry of the Interior and Safety begins the final tax calculation. Excluding the National Assembly audit period, the end of September is the final deadline for the amendment."

He also warned, "As the ruling party's senior member, I have proposed a new plan. The Democratic Party of Korea should respond to this," and added, "The Democratic Party will be responsible for all problems arising from failure to reach an agreement."

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