Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of the Ministry of Economy and Finance, said on the 27th at the second high-level real estate forum chaired by the prime minister, "We will consider differentiating capital gains tax burdens for multiple owners who hold non-occupied homes for a long time." It is interpreted as an intention to review measures such as setting a separate cap on the special long-term holding deduction for capital gains tax for multiple owners of nonresidential dwellings.
Deputy Prime Minister Koo said at the forum that day, "Some say that if we raise property taxes, we need to adjust capital gains taxes. Basically, for those who live in dwellings of an appropriate size, we will consider measures such as easing the capital gains tax burden, but for multiple owners who hold non-occupied homes for a long time, we will consider differentiating capital gains taxes." He added, "There are also calls to give a chance to sell, and we will consider that as well."
He also made clear the view that the tax burden should differ between residents of dwellings and nonresidents. He said, "Many people have told us that we should not give the same tax benefits to nonresidential holdings as to residential ones," adding, "From that standpoint, it would be difficult to treat them the same as residential." While introducing public opinion that the tax burden on ultra-high-priced dwellings is low, Deputy Prime Minister Koo also said, "We are reviewing this in terms of rationalizing and normalizing the tax burden; it is not about broadening the burden on the public."