"Must be finalized by the end of August... Flexible response to opposition party's concerns"
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (center). (Image source=Yonhap News)
[Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited National Assembly Speaker Kim Jin-pyo and Democratic Party floor leader Park Hong-geun on the 25th to seek cooperation on the proposal to ease the comprehensive real estate tax for first-home owners.
After visiting Park's office that day, Deputy Prime Minister Choo told reporters, "Both parties promised the public during the presidential election process to ease the comprehensive real estate tax burden for first-home owners to the 2020 level, and we share a broad consensus," adding, "I asked them to create a progressive compromise from the perspective of people’s livelihood, not as a political issue."
Choo said, "I will explain the necessary parts, and since there is some flexibility in the results if the ruling and opposition parties negotiate, I requested them to negotiate well," adding, "The public has expectations for easing the comprehensive real estate tax burden, so I hope they promptly discuss the proposal to slightly reduce the burden for those who have to pay the tax this year."
He continued, "The comprehensive real estate tax is complicated, and it is very difficult to apply unilaterally. Considering various tax administration procedures and time, I explained that it should be finalized by the end of August at the latest and sought their understanding," adding, "If done by then, it can be managed sufficiently. It becomes very difficult if it extends beyond a few weeks."
Choo said, "There is no particular dispute between the two parties. We share common ground on the big picture, and we are prepared to respond flexibly to the issues raised by the Democratic Party," adding, "I hope a dialogue that finds common ground will take place."
Afterward, Choo visited National Assembly Speaker Kim Jin-pyo’s office. Speaking to reporters after the meeting, he said, "He said he is listening to various situations and will talk with the floor leaders of both parties," adding, "We are also prepared to respond flexibly. I hope both parties engage in more sincere dialogue."
Choo criticized, "It is difficult to agree with the idea of tax cuts for the wealthy. This is also a part of the Democratic Party’s pledge and public promise," adding, "It is hard to understand bringing up the logic of tax cuts for the wealthy just because the election is over."
He emphasized, "This is not starting something new," adding, "It is a legislative measure to realize the promises made during the presidential and local elections."
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