South Korea's Finance Ministry Strengthens Forex and Real Estate Risk Management, Announces Tax Reform by Month-End

According to South Korea's Ministry of Economy and Finance, the government announced on July 7 it will strengthen management of foreign exchange market and real estate sector risks while rolling out a comprehensive tax reform plan by late July. Kim Hoo-jin, the ministry's director of planning and coordination, told the National Assembly's Finance and Economy Committee that the tax reform aims to support economic growth and improve citizens' livelihoods. The ministry will implement 24-hour monitoring of the forex market and pursue housing supply and tax rationalization measures to manage risks. Kim also stated that properties occupied as primary residences will be protected, while systems that encourage real estate speculation will be reformed. The government will expand support for startup funding, strengthen supply chain resilience, and pursue major projects including a national wealth fund and green transition strategy.
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