[Asia Economy Sejong=Reporter Son Seonhee] Special provisions are applied to temporarily exclude from the count of houses when determining 'one household, one house' status for temporary two-house owners due to moving, multi-house owners due to sudden inheritance, and low-priced houses in provincial areas. Taxpayers wishing to apply for these special provisions must apply directly to the head of the relevant tax office by the end of this month.
According to the Ministry of Economy and Finance and the National Assembly on the 18th, this 'one household, one house' special provision will be applied when calculating this year's comprehensive real estate holding tax (Comprehensive Real Estate Tax, 종부세). This follows the passage of the related Comprehensive Real Estate Tax Act amendment at the National Assembly's Planning and Finance Committee earlier this month.
The special provision includes deferring the payment of the comprehensive real estate holding tax until the time of inheritance, gift, or transfer for elderly and long-term holding one household, one house owners.
Additionally, temporary two-house ownership, inherited houses, and low-priced houses in provincial areas will be excluded from the house count when determining 'one household, one house' status.
This amendment will be applied starting from the comprehensive real estate tax notices issued at the end of November, and the National Tax Service sent preliminary guidance letters to eligible taxpayers earlier this month. The application period for the special provision is from the 16th to the 30th of this month.
The total number of eligible persons for this special provision is estimated to reach 400,000. Approximately 214,000 are eligible for special deductions for one household, one house owners; 100,000 for the exclusion of houses in the house count; and 84,000 for deferred payment for elderly and long-term holders.
In the case of joint ownership by spouses, taxpayers can choose the more favorable method between individual taxation (basic deduction of 600 million KRW per person, total 1.2 billion KRW) or one household, one house taxation (basic deduction of 1.1 billion KRW plus special deductions, with elderly and long-term holding tax credits applied).
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