Chungnam Provincial Council Announces Legislation of Ordinance Amendment to Establish Acquisition Tax Reduction Regulation

Joo Jinha Emphasizes
"Expecting Stabilization of Housing for Ordinary Citizens
and Revitalization of the Local Economy"

A panoramic view of the Chungnam Provincial Council plenary chamber.

The Chungnam Provincial Council has announced a legislative notice for an ordinance amendment to strengthen tax support for stabilizing housing for ordinary citizens.

According to the council on the 4th, the "Partial Amendment to the Chungcheongnam-do Local Tax Reduction Ordinance," proposed by Ju Jinha, a member of the People Power Party, focuses on newly establishing regulations for acquisition tax reduction and enhancing tax support in line with the designation of Opportunity Development Zones.

Specifically, the amendment provides an additional acquisition tax reduction of up to 25% in the following cases: ▲ when constructing small housing units of 60 square meters or less for sale or lease purposes; ▲ when acquiring newly built or unsold apartments in local areas for lease purposes; ▲ when a person without a home or a single-home owner with a property valued at 300 million KRW or less acquires an additional single home valued at 300 million KRW or less in a population-declining area outside their current city, county, or district.

In addition, for tax support related to Opportunity Development Zones, companies relocating from the Seoul metropolitan area to the zone or starting a new business within the zone will receive an additional acquisition tax reduction of up to 50%, while new construction or expansion of factories will be eligible for an additional reduction of up to 25%.

Ju stated, "I hope this ordinance revision will provide practical help for stabilizing housing for ordinary citizens and revitalizing the local economy," adding, "I will do my best to attract companies, promote investment, and help solve the population decline issue."

The ordinance amendment will be reviewed at the 358th extraordinary session scheduled for the 8th.

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