The Democratic Party of Korea on the 1st said, "In the government plan on real estate taxation released today, the basic deduction for the comprehensive real estate holding tax for non-resident single-home owners was adjusted from 900 million won to 1.2 billion won, and for non-resident couples with joint ownership, each from 400 million won to 600 million won," adding, "Both non-resident single owners and couples with joint ownership will be eligible for a total deduction of 1.2 billion won, eliminating discrimination based on the form of ownership."
The Democratic Party said the same in a notice issued under the name of the Policy Committee that "the cap on tax burden will also remain at the current 150%, not 200% as in the government's original plan."
The Democratic Party explained, "We basically agree with the intent of the government's tax reform plan to favor actual residency, but fairness in taxation among single-home owners as felt by the public and predictability of the tax burden must also be strongly considered," and added, "The party has consistently offered several supplementary views, including not differentiating the basic deduction for the comprehensive real estate holding tax for single-home owners based on residency status, to prevent excessive spread of concerns over tax burdens."
It added, "Going forward, in the National Assembly deliberations, we will closely examine the impact of the government plan on the public burden and the dwellings market, and will supplement necessary matters."