South Korea's realty tax law revision to help govt collect $4.8 bn
Real Estate

South Korea's realty tax law revision to help govt collect $4.8 bn

An update to South Korea's real estate holding tax law will assist the government in collecting $4.8 billion in such taxes in 2021, the finance ministry said on Monday, a three-fold jump as against last year.

The government updated the law in 2020, raising the holding tax rate for homeowners, as part of efforts to calm the nation's red-hot real estate market.

The revisions took effect in 2021. Since President Moon Jae-in took office in 2017, his government has launched dozens of loan curbs and tax rules that have done little to calm the property market.

The average cost of a flat in the capital city Seoul has roughly doubled since 2016 to 1.18 billion acquired as of August, Kookmin Bank data revealed. Park, who is among the 947,000 people or 2% of South Korea's 52 million population subject to the tax hike this year, said he owes 6.3 times as much taxes on his real estate holdings in 2021 as against 2020 due to the tax rise.

Park told the media that the tax increase would not have the wanted effect of forcing him to sell one of his many properties. Under the changes, the holding tax rate that various property owners have to pay per year was increased to as much as 6% from 3.2% earlier.

Image Source

An update to South Korea's real estate holding tax law will assist the government in collecting $4.8 billion in such taxes in 2021, the finance ministry said on Monday, a three-fold jump as against last year. The government updated the law in 2020, raising the holding tax rate for homeowners, as part of efforts to calm the nation's red-hot real estate market. The revisions took effect in 2021. Since President Moon Jae-in took office in 2017, his government has launched dozens of loan curbs and tax rules that have done little to calm the property market. The average cost of a flat in the capital city Seoul has roughly doubled since 2016 to 1.18 billion acquired as of August, Kookmin Bank data revealed. Park, who is among the 947,000 people or 2% of South Korea's 52 million population subject to the tax hike this year, said he owes 6.3 times as much taxes on his real estate holdings in 2021 as against 2020 due to the tax rise. Park told the media that the tax increase would not have the wanted effect of forcing him to sell one of his many properties. Under the changes, the holding tax rate that various property owners have to pay per year was increased to as much as 6% from 3.2% earlier. Image Source

Next Story
Infrastructure Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000