[Asia Economy Reporter Lim Cheol-young] The Democratic Party of Korea appears to be set to actively review measures to supplement the system, including easing the comprehensive real estate holding tax for actual homeowners with one house per household.
On the 5th, during a campaign in Jongno, Seoul, Lee Nak-yeon, co-chairman of the joint standing election committee, responded to reporters' questions about whether there would be changes in government policies such as the comprehensive real estate holding tax by saying, "The party leadership has discussed it," and "It has been adjusted accordingly." This hinted at the possibility of changes in the comprehensive real estate holding tax policy. When asked further if this meant discussions with the party, government, and Blue House, he replied, "We will do that going forward."
At a forum on the 2nd, Chairman Lee mentioned the need to consider revising the comprehensive real estate holding tax system to better reflect reality. He said, "In cases where there is no significant income, consideration based on reality is necessary," and added, "Regulations on loans for actual homeowners with one house per household also need to be carefully reviewed in light of the real estate market and adjusted to fit reality."
A policy official from the Democratic Party told us over the phone that "Without changing or shaking the framework of the December 16 real estate policy, which is premised on eradicating real estate speculation and stabilizing housing prices, any necessary supplements can be reviewed."
However, discussions among the party, government, and Blue House regarding easing the comprehensive real estate holding tax are unlikely to take place before the general election. This is due to some differences in stance between the Democratic Party and the Blue House and concerns about accusations of election interference.
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