South Korea's Democratic Party and government will hold a closed-door meeting on July 30 at the National Assembly to discuss the second-half tax reform plan, including real estate holding taxes. The meeting aims to finalize adjustments to the government's proposed tax reform measures. The session follows President Lee Jae-myung's recent hosting of a public debate on real estate policy, signaling major reforms to property-related tax systems.
Democratic Party and Government Schedule Tax Reform Meeting for July 30
According to political sources on the 27th, the Democratic Party will convene a closed-door party-government meeting on July 30 at the National Assembly to discuss the second-half tax reform plan. The meeting, organized by the Democratic Party Policy Committee, will include lawmakers from the party's Finance and Economy Committee responsible for tax policy. Government representatives will include Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul and other officials.
Government Proposes Real Estate Tax Assessment Changes
The meeting will focus on real estate-related tax systems, a core issue in the tax reform agenda. President Lee Jae-myung recently presided over a public debate on real estate policy to gather public input, signaling comprehensive reforms to property tax systems. The government is expected to pursue measures including converting the comprehensive real estate tax assessment criteria from the number of owned properties to the combined value of housing assets. Another proposed measure involves differentiating tax burdens based on the appropriate holding tax for typical single-home owners. Other discussion topics include the criteria for ultra-luxury homes subject to higher holding taxes and the government's overall approach to strengthening holding taxes while easing transaction taxes.
Tax Reform Plan Submission Scheduled for September
The final government tax reform plan, prepared through party-government consultations, will be submitted to the National Assembly in September alongside next year's budget proposal. The Finance and Economy Committee's tax subcommittee will subsequently review both the government's proposal and lawmaker-initiated bills, with the final version presented to the plenary session. A Democratic Party official stated, "This is a session to receive a report on the government's prepared plan and review its contents," adding, "Since it must go through the tax subcommittee later, this is not the final confirmed version."
FAQ
What will South Korea's Democratic Party and government discuss on July 30?
The Democratic Party and government will hold a closed-door meeting on July 30 at the National Assembly to discuss the second-half tax reform plan, focusing on real estate holding taxes and related policy measures.
What changes to real estate taxes is the government proposing?
The government is expected to propose converting the comprehensive real estate tax assessment criteria from the number of owned properties to the combined value of housing assets, and differentiating tax burdens based on appropriate holding tax levels for typical single-home owners.
