Koo Yun-cheol Proposes Major Tax Reforms, Exempting Properties Under $15 Million
Koo Yun-cheol, the Deputy Prime Minister and Minister of Economy and Finance, appeared on KBS News9 to explain the key points of the 2026 tax reform plan.During the broadcast on August 3, Koo outlined the reform's objectives, stating, "The first goal is to support economic growth by introducing a new domestic production tax credit this year," which includes provisions for small modular reactors (SMRs) as part of national strategic technologies. He added that the comprehensive tax reform plan also encompasses real estate tax reform, rationalization of tax expenditures, and adjustments to the family business inheritance deduction.
Regarding the real estate tax reform, Koo emphasized, "The most significant expected outcome is highlighting the residential aspect of housing as a place for people to live."
To stimulate the sluggish housing market, Koo proposed incentives such as tax benefits for homeowners who sell properties they have lived in for over ten years. He also mentioned that landlords would receive benefits if they sell their properties within a certain period after the lease ends, aiming to increase the availability of homes on the market.
On the threshold for increased tax burdens, set at a property value of 40 billion won (approximately $30 million), Koo noted, "Only about 0.4% of homes fall into the category of properties valued at over 40 billion won," indicating that the plan aims to normalize taxation starting from the 40 to 50 billion won range.
Bithumb Aims for IPO by 2028, Promises Enhanced Transparency
Cryptocurrency exchange Bithumb has announced plans to complete its initial public offering (IPO) by 2028, focusing on establishing a transparent governance structure.On August 3, Bithumb disclosed its IPO progress on its official website, stating that it aims to prove management transparency and maximize corporate value.
According to the timeline, Bithumb will prioritize enhancing its internal control systems and preparing for the transition to Korean International Financial Reporting Standards (K-IFRS) by the end of this year. The company plans to apply for preliminary listing review next year and complete the IPO process in 2028.
Key preparations for a successful IPO include establishing a risk management system comparable to regulated financial institutions, improving management transparency through business restructuring, fostering a transparent market environment through proactive information disclosure, and collaborating with external experts to facilitate the listing process.
Additionally, Bithumb has committed to establishing a transparent governance structure, strengthening compliance management, enhancing investor protection measures, securing sustainable growth drivers, and implementing a global-level management system.
Ceuta Faces Ongoing Tensions After Influx of 60,000 Immigrants, 72 Dead
The Spanish enclave of Ceuta in North Africa is grappling with severe repercussions following an unprecedented influx of 60,000 immigrants. While the wave of migration has subsided, internal community tensions are escalating, alongside growing criticism of Morocco's handling of the situation.According to Yonhap News on August 3, Ceuta authorities have regained control of the city, and most Moroccan immigrants have returned home. However, tensions remain high throughout the urban area, with at least 72 reported deaths among those attempting to cross the border.
The most evident fallout is the ideological conflict among residents. A local resident identifying as a supporter of the far-right Vox party stated, "We cannot open our doors to everyone," criticizing the left-leaning central government's immigration policies. Conversely, a group of leftist protesters gathered nearby, declaring, "The community's coldness towards those who desperately crossed the border is shameful."
The situation for immigrants who crossed into Ceuta with hopes of reaching mainland Europe is dire. Many, misled by rumors on social media that the border was open, faced closed shops, police crackdowns, and hostility from some residents, shattering their hopes. Most have returned to Morocco, unable to endure hunger. Currently, fewer than 1,000 immigrants are estimated to remain in Ceuta, suffering from severe hunger due to strict security measures enforced by authorities.
Japan's Kumamoto Hit by Earthquake and Heatwave, Government Pledges $182 Million
Japan's Kumamoto Prefecture has been struck by a powerful 7.1 magnitude earthquake, resulting in 38 fatalities, compounded by an unprecedented heatwave exceeding 40 degrees Celsius (104 degrees Fahrenheit). As the suffering of evacuees intensifies, the Japanese government has promised significant budgetary support and administrative assistance.On August 3, local media reported that the maximum temperature in Kumamoto City reached 40.3 degrees Celsius, marking the first time temperatures have surpassed 40 degrees in the region. Following the earthquake on July 28, which has claimed 38 lives, the extreme heat has further complicated recovery efforts and the living conditions of evacuees.
In response, Japanese Prime Minister Sanae Takaichi visited the affected area for the first time since the earthquake. She announced plans to allocate approximately 20 billion yen (about $182 million) for recovery efforts in Kumamoto.
Additionally, Takaichi stated that the government would designate the situation as a "specific emergency disaster" to expedite various administrative procedures involved in the recovery process. A large ferry is scheduled to arrive at Yatsushiro Port in Kumamoto on August 4 to provide temporary housing and medical services for evacuees.
Takaichi's inspection was conducted using a Japan Ground Self-Defense Force helicopter, allowing her to assess the damage at the Aeon Mall Kumamoto, which suffered explosions and collapses, as well as the Yatsushiro paper mill, where a chimney had fallen.
Defense Minister Orders Special Discipline Check Amid Operational Failures
In response to ongoing concerns about operational discipline in frontline units, the Ministry of National Defense has initiated a comprehensive review of military conduct.On August 3, according to Yonhap News, Defense Minister An Gyu-baek convened an emergency meeting of key military commanders at the Joint Chiefs of Staff Operations Command Center to implement a special discipline check across the armed forces.
An criticized recent operational failures, directing the establishment of a "Joint Special Discipline Check Task Force" led by the Defense Ministry's inspector general to focus on operational discipline and reporting systems until the conclusion of the "Ulchi Freedom Shield" exercise.
He emphasized that the core of unit operations should be based on current operations and practical training grounded in fundamentals and principles, urging the military to become a strong force that earns public trust and instills fear in adversaries, remaining resilient against any threats.
This initiative follows recent controversies regarding unarmed sentry duty at frontline outposts and a mistaken identification incident involving a U.S. drone. Prior to the meeting, military authorities decided to suspend and investigate Major General Han Gi-seong, commander of the Army's 1st Corps, due to accountability issues.
Additionally, military leaders at the meeting analyzed recent North Korean activities and meticulously reviewed military readiness. They also committed to ensuring disaster preparedness within the military, considering the ongoing extreme heat and taking proactive measures to prevent casualties.
* This article has been translated by AI.
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