Koo Yun-cheol: "Capital gains tax surcharge on multiple-home owners will be deferred if the balance is paid within three months after contracts signed on or after May 9"

[Financial News] Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said on the 3rd, regarding the deferral of the capital gains tax surcharge on multiple-home owners, "As we have implemented this policy, its credibility has become limited and abnormal, unfair phenomena have emerged. We now believe it is necessary to normalize the situation, so we plan to end the deferral of the surcharge."
Koo Yun-cheol made these remarks at a State Council meeting held at Cheong Wa Dae, saying, "Until now, we have taken into account real estate transaction practices and the recent expansion of regulated areas. In light of market realities, we intend to propose measures that minimize inconvenience for the public."
Koo explained, "In principle, for areas such as the Gangnam 3 Districts (Gangnam-gu, Seocho-gu, and Songpa-gu) and Yongsan, where this system has already been in effect, the balance must be fully paid by May 9 in order to receive the deferral. However, because the timeframe is too tight, we plan to increase flexibility so that those who sign a contract by May 9 and then pay the balance or complete registration within three months will also be eligible."
He added, "For regulated areas newly designated on October 15, we propose allowing the deferral for cases where a contract is signed by May 9 and, recognizing that three months may be too short, the balance is paid or registration is completed within six months."
Koo Yun-cheol went on to say, "Based on the outcome of the State Council discussions and public opinion, we will swiftly prepare a plan to end the deferral of the surcharge on multiple-home owners and proceed with follow-up steps such as revising the relevant laws and regulations." He added, "In connection with the end of the deferral, we will request active cooperation from the relevant ministries to supplement the land transaction permit system and to strengthen crackdowns on abnormal transactions such as illicit gifting."

syj@fnnews.com Seo Young-jun, Kim Chan-mi Reporter