Park Hong-geun "Only 0.99% Subject to Comprehensive Real Estate Tax... A Justified Measure"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] Park Hong-geun, a member of the Democratic Party of Korea, emphasized that only 0.99% of the entire population is subject to comprehensive real estate tax and insisted that the partial amendment bill of the Comprehensive Real Estate Tax Act must be passed. He also pointed out that if only supply measures are implemented without regulation, it will only contribute to the increase of multi-homeowners.

On the 4th, at the plenary session held at the National Assembly, Park spoke in favor of the Comprehensive Real Estate Tax Act, saying, "Only 0.99% of the entire population pays the comprehensive real estate tax, and only 0.44% are multi-homeowners," adding, "The amendment to the Comprehensive Real Estate Tax Act is a legitimate measure that can ensure houses go to actual users." He continued, "Benefits for elderly single-homeowners are also reflected in the bill," and said, "I will make sure this bill passes today."

He said, "The United Future Party insists that housing supply must be drastically increased, but I want to ask back," pointing out, "Of the 230,000 houses increased during the previous conservative administration, only 22% went to the homeless, while 77% flowed to multi-homeowners." He also criticized, "Since 2013, for every one single-homeowner added annually, three multi-homeowners have increased. Yet, the annual comprehensive real estate tax payment remains in the low 2 million won range. Is it normal for the effective holding tax rate and tax revenue to stagnate?"

Park also emphasized that the real estate regulation bills currently being promoted by the ruling party are the same bills that Kim Jong-in, emergency committee chairman of the United Future Party, pushed during the Roh Tae-woo administration when he was the Blue House economic chief. Park said, "During the past Roh Tae-woo administration, real estate was suppressed because there were strong restraint measures," adding, "If Kim Jong-in's policy at that time was correct, then this government's policy is also correct. The United Future Party must break free from ignorant dogma."