A measure to exempt multi-homeowners from higher capital gains tax rates when selling homes in regulated areas was finalized on the 21st, provided they complete an application for land transaction approval by May 9.
The government said it approved revisions to the enforcement decrees of the Income Tax Act and the Real Estate Transaction Reporting Act at the 17th State Council meeting chaired by Prime Minister Kim Min-seok that morning.
As previously announced, the temporary suspension of higher capital gains tax rates for multi-homeowners selling homes they hold in regulated areas will end May 9.
However, acknowledging that obtaining land transaction approval can take time, the government said it will not apply the higher tax rates to cases in which the approval application is filed by that date, easing selling conditions to some extent.
The Cabinet also approved a revision to the enforcement decree of the Foreign Exchange Transactions Act, abolishing the per-transaction cap on small overseas remittances ($5,000) and switching late-payment penalties for the foreign exchange stability levy from a monthly to a daily basis. The government said the changes are intended to make remittances more convenient while refining penalties.
A revision to the Public Official Election Act also cleared the Cabinet, introducing a mid-sized electoral district system for metropolitan council elections for the first time in the June 3 local elections and increasing the share of proportional representation seats. The total number of local council members will rise by 80 compared with the 2022 quota.
A revision to the Political Parties Act also passed, allowing a party members’ council or local committee to operate one office to support smoother management of lower-level city and provincial party organizations.
The Cabinet further approved a bill to enact a basic law on patients, broadly covering patients’ rights and duties, and a revision to the Child Welfare Act to strengthen protections for the right to learn for children who have suffered abuse.
* This article has been translated by AI.
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