Gov't eases property tax reform amid public backlash
7 Articles
7 Articles
The government's decision to maintain the basic deduction for the Comprehensive Real Estate Tax (CRE Tax) for non-resident single-home owners at the current 1.2 billion won is interpreted as a "compromise" that, to some extent, reflects the Democratic Party's demand to alleviate the widening gap in tax burden based on actual residency. However, while proclaiming the "principle of actual residency," home ownership
연합뉴스-Yonhap News Agency
매일신문(Sejong=Yonhap News) Reporter Song Jeong-eun = The government decided at a Cabinet meeting on the 1st to maintain the basic deduction for the Comprehensive Real Estate Tax for non-resident single-home owners at the current 1.2 billion won based on the officially assessed price...
The government announced an amendment to raise the basic deduction for the Comprehensive Real Estate Tax for non-residents with one home to 1.2 billion won and maintain the tax burden ceiling at 150%. This measure partially accommodates the opposition party's demands for tax equity, but the differential treatment compared to actual residents will be maintained.
In the real estate tax reform plan announced by the government on the 1st, it was decided to revert the basic deduction for the comprehensive real estate tax for non-resident single-home owners from the original 900 million won to 1.2 billion won.
The government's proposed amendment to reduce the basic deduction for the Comprehensive Real Estate Tax for non-resident single-home owners has been scrapped, and the current standards will be maintained. The Ministry of Finance and Economy announced on the 1st that amendments to 11 tax laws, including the Comprehensive Real Estate Tax Act and the Income Tax Act, containing these details were finalized at a Cabinet meeting. They are scheduled to…
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