[Asia Economy Reporter Oh Ju-yeon] The amendment to the Comprehensive Real Estate Tax Act, which raises the tax base for comprehensive real estate tax for single-homeowners from 900 million won to 1.1 billion won, passed the National Assembly's Legislation and Judiciary Committee on the 24th.
On that day, the Legislation and Judiciary Committee approved the amendment to the Comprehensive Real Estate Tax Act in a plenary session. The main point is to increase the additional deduction amount for single-homeowners from 300 million won to 500 million won. Adding the basic deduction amount of 600 million won, the tax base becomes 1.1 billion won.
Earlier, on the 19th, the ruling and opposition parties agreed at the Planning and Finance Committee's Tax Subcommittee to apply the comprehensive real estate tax base to "homes worth 1.1 billion won" instead of the "top 2% of official housing prices."
However, other taxation criteria such as for jointly owned single homes by couples (combined 1.2 billion won, 600 million won per person) and multiple homeowners (combined 600 million won) remain unchanged.
This amendment is expected to be processed at the plenary session of the National Assembly on the 25th.
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