Yoon Seok-yeol "Comprehensive Real Estate Tax Ultimately Passed to Tenants... Promises to Reform the Tax System Again"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Yoon Seok-yeol, the presidential candidate of the People Power Party, pointed out on the 28th that the comprehensive real estate holding tax (종합부동산세) is being passed on to tenants and reiterated his pledge to reform the tax system. Yoon criticized the Moon Jae-in administration, saying, "The Moon Jae-in government, which knows one thing but ignores two, or rather, deliberately turns a blind eye to two while knowing one, is simply running the country in a simplistic manner."

On the same day, through social media (SNS), Yoon stated, "The 종부세 bomb is ultimately leading to a burden on innocent tenants and ordinary citizens," and added, "This was entirely foreseeable."

He questioned, "How are landlords, who have no regular income and cannot dispose of their properties, supposed to respond?" He pointed out, "They might have no choice but to convert jeonse (a lump-sum deposit lease) into banjeonse (a semi-deposit lease) or raise monthly rent prices to pay the tax." He continued, "This results in the tax burden being directly passed on to innocent tenants," and warned, "Then the market will likely react in a completely unexpected direction."

Yoon criticized, "The Moon Jae-in government, which views the economy one-dimensionally, failed to control real estate prices and only increased the burden on the people," and questioned, "What fault does a citizen have who took out a loan to buy a house but ended up having to pay 종부세 because the real estate price surged to over 1.1 billion won?"

He pledged again, "I promise to review the reform of the 종부세 system once more," and stated, "Ultimately, we will normalize the tax system by increasing real estate supply and revitalizing private transactions to enhance opportunities for home purchases."