'2022 Ministry of Economy and Finance Policy MVP' Selection Results
[Asia Economy Sejong=Reporter Lee Junhyung] Policies to ease the burden of real estate taxes such as capital gains tax and comprehensive real estate tax were selected as the best Ministry of Economy and Finance (MOEF) policies of the year.
On the 27th, the MOEF announced the results of the '2022 MOEF Policy MVP' selection, voted on by the public, media, and expert groups. The MOEF Policy MVP is a system where the public directly votes on outstanding policies that the MOEF has prioritized and promoted throughout the year.
As a result of the voting, seven policies were selected as outstanding policies. The grand prize was awarded to the policy of 'Easing the excessive burden of real estate taxes and normalizing capital gains tax and comprehensive real estate tax.' This policy is a core national agenda of the Yoon Seok-yeol administration, focusing on reforming capital gains tax and comprehensive real estate tax, which were used for market management purposes, in accordance with tax principles. Specifically, right after the current government took office, the MOEF implemented policies such as temporarily excluding the heavy taxation on multi-homeowners for one year and extending the temporary two-home ownership allowance period from one year to two years. Additionally, the MOEF lowered the fair market value ratio from 100% to 60%, and through discussions in the regular National Assembly, pursued amendments to the comprehensive real estate tax, including abolishing the heavy taxation system for tax bases under 1.2 billion KRW and for two homes in designated adjustment areas.
The grand excellence awards were given to two policies: 'Transition to a sound fiscal stance' and 'Unprecedented global high inflation, full-scale response to stabilize livelihood and prices.' Two policies were selected for excellence awards: 'Establishment of innovation guidelines for small but efficient public institutions' and 'Implementation of foreign exchange supply stabilization measures as a signal to resolve complex crises.' Special awards were given to the policy for 'The first revision of grants in 50 years and establishment of a special account for higher and lifelong education support' aimed at expanding funding for higher and lifelong education, and the policy 'Formulation of new government economic policy directions' reflecting the current administration’s vision and policy direction.
Meanwhile, to select this year’s Policy MVP, voting was conducted for seven days from the 19th to the 25th of this month. The number of participants, including the public, policy experts, and MOEF press corps, reached 14,628, more than double last year’s 6,884.
The MOEF plans to internally reward departments that contributed to discovering and implementing outstanding policies. An MOEF official stated, "We will continue to strive to prepare policies that resonate with the public’s perspective and have a high sense of impact."
Deputy Prime Minister Choo Kyung-ho Presiding Over the Ministerial Meeting on External Economic Affairs (Seoul=Yonhap News) Photo by Kim Seung-doo = Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the Ministerial Meeting on External Economic Affairs at the Government Seoul Office Building on the 26th. 2022.12.26
kimsdoo@yna.co.kr
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