Prime Minister Kim Bu-gyeom: "Comprehensive Real Estate Tax is Not Retaliatory... Gains from House Price Increases Should Be Returned to Society"

"Government's Goal of Housing Price Stability Must Not Waver... Consideration for Long-term Residents and Single Homeowners"

Prime Minister Kim Boo-kyum speaking at a press briefing held at the Government Complex Sejong in Sejong City on the afternoon of the 18th. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Prime Minister Kim Boo-kyum said on the 18th, "Since the rise in housing prices can only be unearned income, it must be returned to society in some form," adding, "The comprehensive real estate tax is not a 'retaliatory' tax."

At a press conference held at the Government Complex Sejong on the same day, Prime Minister Kim stated, "The policy goal of gradually lowering and stabilizing housing prices must not be shaken."

He explained, "It is true that there are many opinions in the political sphere to raise the threshold a bit more, but if that happens, those who have trusted and waited for the government's policies so far will suffer various damages instead."

He added, "We believe there should be consideration for single-homeowners who are long-term residents, elderly, and retirees, who are the most frustrated, and we are contemplating policy measures accordingly."

Earlier, on the 17th, regarding real estate measures, Prime Minister Kim said, "There may be ways to apply tax rates flexibly for households that have lived in a property for a long time or for elderly and retired individuals," and "For those who own only one house and live in their own home but lack cash, we will also consider a 'tax deferral system' that imposes taxes when the house is sold later as part of a set of measures."

Regarding the Serious Accident Punishment Act, he expressed a strong commitment, saying, "It means that those who make money in any business, construction, or trade must take responsibility for safety," and that preparations will be made firmly.

With the Ministry of Employment and Labor expected to announce the enforcement decree of the Serious Accident Punishment Act by early next month at the latest, the Democratic Party's Industrial Accident Prevention Task Force (TF) stated, "We will strengthen the government's enforcement decree." In response, Prime Minister Kim emphasized, "Safety cannot be pushed onto subcontractors as if it is optional," adding, "If the CEO can take responsibility, then the business can proceed; if not, it should be stopped. Actions to cut safety costs must not be taken."

He further stated, "If the goal is to save human lives, what is the point of raising various objections about the introduction of the system?"

Prime Minister Kim firmly opposed the business community's request to adjust the clause that allows punishment of CEOs under the Serious Accident Punishment Act to designate them as safety management officers.

He said, "If CEOs are afraid, they should assign safety managers on-site; they should not think about shifting costs to subcontractors," and raised his voice, "The government also wants to revive the economy and does not want to be harsh on companies, but how long will the current method of pressuring so-called subcontractors continue?"

Regarding the upcoming Korea-US summit scheduled for the 21st, he said, "There is practically an agreement and trust relationship that can be called a vaccine alliance between Korea and the United States," and "We expect it to be an opportunity to enhance the quality of the Korea-US alliance."

Concerning allegations of speculative gains from special supply (special allocation) to public officials at the Korea Customs Service's Customs Valuation and Classification Institute (Gwanpyeongwon), he explained, "I requested an accurate legal review on whether the status of those who first acquired the buildings is valid and how institutional loopholes were exploited."