S. Korea raises real estate taxation threshold and transfer tax exemption

민주당 '종부세 상위 2%' 부과로 결정…양도세 면제 12억 상향

The democratic party decided to raise the real estate taxation threshold for single-home owners... as housing prices soar.
Under the current law, real estate tax is applied only to the value of the property above 900-million Korean won... or about 800-thousand U.S. dollars.
But on Friday, the ruling bloc members agreed to raise this threshold to the top two-percent-valued properties in the country.
Right now, this top-two percent amounts to one-point-one billion won, or about 970-thousand U.S. dollars.
The DP also decided to raise the threshold for transfer tax exemption for a single-home owner... from 900 million Korean won, or about 800-thousand U.S. dollars... to one-point-two billion won, or about one million dollars.

#SouthKorea #taxation #exemption

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2021-06-18, 22:00 (KST)