Comparison of Property Taxes in Korea and Major Overseas Cities... President Lee: "I Was Curious Too"

President Lee's SNS Messages
On Franchisee Penalties: "Thanks to Fair Trade Commission Officials"

President Lee Jaemyung, who has recently been reaffirming his drive to normalize the real estate market, shared an article introducing property taxes in major overseas cities and commented, "I was curious about this too."

Yonhap News

On March 24, President Lee posted on X (formerly Twitter) an article titled, "Property Taxes in Major Cities of Advanced Countries: How Do They Compare to Korea?" and made the above remark. Although President Lee has stated that he does not plan to immediately implement changes to real estate taxation, he has repeatedly emphasized that, depending on market conditions, real estate tax policy remains a tool available to achieve policy goals.

President Lee has recently continued to make statements regarding the normalization of the real estate market. On March 22, he publicly directed the Blue House and the Cabinet to exclude owners of multiple homes, non-resident owners of high-priced homes, and those with excessive real estate holdings from discussions, drafting, reporting, and approval processes of housing and real estate policies. President Lee also emphasized, "There must not be even a 0.1% defect or loophole in real estate or housing policy," and "Stabilizing housing prices is a matter that determines the success or failure of this administration," defining public trust in real estate policy as a key task at the administration level.

Earlier, on March 21, he addressed the issue of "misuse of loans for purposes other than intended," where individuals purchase homes using loans meant for individual business use, stating, "It is clear which is the more rational choice: facing prosecution for fraud, a tax audit by the National Tax Service, and compulsory loan collection, or proactively making voluntary repayment." On March 17, regarding the same issue, he warned, "The Financial Supervisory Service and the National Tax Service could jointly conduct a thorough investigation, file criminal charges for fraud, and collect the loan."

Meanwhile, President Lee also commented on X after sharing an article reporting that Sinjeon Foodsys, a tteokbokki franchise operator, was fined by the Fair Trade Commission for forcing franchise locations to purchase chopsticks, paper cups, and packaging containers. He stated, "The Fair Trade Commission did a great job. I appreciate all the hardworking public officials at the Fair Trade Commission."

He added, "Perhaps because the company is small, the amount of the fine is not that large. I assume it was imposed at the maximum level permitted by law?" The Fair Trade Commission imposed a fine of 967 million won on Sinjeon Foodsys.

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