Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki said today (2nd) that it was considering a plan to temporarily cut the transfer tax for multi-family homes.
Deputy Prime Minister Hong said this at the meeting of the Emergency Economy Central Countermeasures Headquarters held at the government complex in Seoul today.
He said, "In a situation where the recent stabilization trend in the housing market continues and the number of properties for sale increases, if the transfer tax for multi-home owners is temporarily cut, it may cause instability in the real estate market again by collecting existing properties that were expected to save tax during the legislative process." There are also concerns about side effects such as damage to policy credibility and deprivation of homeless and single-homeowners.”
He added, "The government will put the absolute stability of the real estate market, which is of great interest to all the people, as the top priority of its policy, and will exert its utmost efforts," he added.
In a press release distributed last night, the Ministry of Strategy and Finance expressed its opposition to the recent ruling party's proposal to lower the transfer tax on multi-homeowners.
The Ministry of Strategy and Finance said in a document, "The government is concerned that the side effects will be greater if the heavy capital gains tax for multi-residential owners is postponed in a situation where the stabilization of the real estate market is difficult."
Earlier, at a press conference at the National Assembly, Park Wan-joo, chairman of the policy committee of the ruling Democratic Party, was asked if the party would review the transfer tax cut for multi-family homes.We are reviewing such a position without excluding it.”
(Photo = Yonhap News)