Ruling Party Calls for Fair Taxation in Government's Property Tax Reform

The Democratic Party expressed support on September 1 for the government's proposed tax reform plan, emphasizing the need to consider fairness in taxation among homeowners and the predictability of tax burdens.

The party's policy committee stated in a press release that it has consistently raised concerns about excessive tax burdens, advocating for a plan that does not differentiate between homeowners based on residency status for the basic exemption on the comprehensive real estate tax.

They added, "We will continue to closely examine the impact of the government's proposal on public burden and the housing market during the National Assembly discussions and make necessary adjustments."

Earlier, the government finalized its tax reform plan, increasing the basic exemption for non-resident homeowners from 900 million won to 1.2 billion won, and for non-resident couples from 400 million won to 600 million won. The upper limit on tax burdens will remain at the current 150%.