South Korea to Relax Property Market Tax Regulations

By IndraStra Global News Team

Cover Image Attribute: Seoul Skyline by csk from Pixabay
Cover Image Attribute: Seoul Skyline by csk from Pixabay 

The Ministry of Economy and Finance of South Korea (기획재정부) announced on Wednesday that it intends to revise a set of tax regulations on the real estate market to alleviate the financial burden of individuals in the face of rising borrowing costs.


According to the Ministry, under the plan, South Korea will permit owners of two homes to pay less in taxes if they sell one over an extended period during a housing market downturn. In addition, such homeowners will not be subject to heavier taxation if they offload one of the two homes within three years. The ministry extended the period from one to two years in May 2022. Also, the government intends to extend by one year until May 2024, the deadline for multiple homeowners to avoid a higher capital gains tax when selling properties in speculative districts.


The government has also vowed to increase the maximum amount of tax credits that can be claimed on monthly rents from ₩300 million to ₩400 million (US$322,000), as stated by the ministry of finance. The Cabinet will approve the revisions and officially announce them by the end of the following month.


The most recent measures are consistent with efforts to revitalize the housing market, hampered by rising interest rates. The Bank of Korea increased the seven-day benchmark repo rate from 3.25 per cent to 3.5 per cent last week, the highest level since 2008.


The finance ministry announced that tenants who have paid more than ₩10 million in deposits would have access to their landlords' delinquent tax information. The most recent measure is intended to assist tenants, particularly those who have signed "jeonse (전세)" contracts, in avoiding situations in which landlords may fail to return their deposits due to unpaid taxes.


Under South Korea's decades-old jeonse system, tenants pay a large deposit to the landlord, known as key money, which is returned at the end of the rental agreement, which typically lasts two years. During the duration of the lease, the rent is not paid monthly.


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IndraStra Global: South Korea to Relax Property Market Tax Regulations
South Korea to Relax Property Market Tax Regulations
By IndraStra Global News Team
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