ID :
31546
Fri, 11/21/2008 - 22:48
Auther :
Shortlink :
https://www.oananews.org//node/31546
The shortlink copeid
Ruling party to maintain tax rate on high-end real estate property
SEOUL, Nov. 21 (Yonhap) -- South Korea's ruling party said Friday it has decided to ask the government to maintain the rate at which high-end home owners are taxed.
The so-called comprehensive real estate tax, which applies to homes valued at 600
million won (US$427,000) and up, was first introduced in 2005 under the liberal
Roh Moo-hyun administration to prevent real estate speculation. The incumbent
government has long attempted to revamp the tax, seeing it as a punitive measure
that goes against free market principles.
The decision by the Grand National Party (GNP) follows a recent Constitutional
Court ruling that partly struck down the tax.
The top tribunal's ruling paved the way for the government to refund a
significant portion of the special tax and gave momentum to the Lee Myung-bak
government's hopes of revising or even scrapping the system entirely in an
attempt to revitalize the slowing economy.
The so-called comprehensive real estate tax, which applies to homes valued at 600
million won (US$427,000) and up, was first introduced in 2005 under the liberal
Roh Moo-hyun administration to prevent real estate speculation. The incumbent
government has long attempted to revamp the tax, seeing it as a punitive measure
that goes against free market principles.
The decision by the Grand National Party (GNP) follows a recent Constitutional
Court ruling that partly struck down the tax.
The top tribunal's ruling paved the way for the government to refund a
significant portion of the special tax and gave momentum to the Lee Myung-bak
government's hopes of revising or even scrapping the system entirely in an
attempt to revitalize the slowing economy.
