The increase of the capital gains tax exemption standard (from 900 million won to 1.2 billion won) for one householder, one homeowner, will come into effect from tomorrow (8th).
The revision law is being implemented at an unprecedented speed as the number of pending listings in the market has increased because the timing of the implementation of the measures to increase the non-taxation standard has not been determined.
The government held a cabinet meeting today at the government complex in Seoul and confirmed the promulgation date of the revised Income Tax Act, which raises the transfer tax exemption standard for tomorrow.
On the 2nd, the National Assembly passed an amendment to the Income Tax Act that raises the transfer tax exemption standard for a single householder from 900 million won or less to 1.2 billion won or less, and set the effective date as the date of promulgation of the law.
In other words, as the government promulgates the amended Income Tax Act tomorrow, the increase in the transfer tax exemption standard for one household per household will also be implemented from tomorrow.