President Lee: "Real estate speculation—taxes are a last resort, but we must use them if necessary"

[The Financial News] President Lee Jae-myung of South Korea stated on the 17th, "How we deal with real estate depends heavily on the financial sector. Taxes are, in any case, the very last resort. Even so, as a last resort, if we absolutely must use them, then we have to use them."
At the State Council of South Korea held that morning at Government Complex Sejong, President Lee said, "Real estate in the Republic of Korea (South Korea) has turned into an object of speculation and investment, and finance has had the greatest impact on that."
President Lee pointed out, "People borrow other people's money, buy with other people's money, and then increase their assets from there. As this has become a trend, citizens who do not participate feel as if they are losing out."
He continued, "This time we absolutely have to get this under control somehow, and the most important part of that is the financial sector. The Ministry of Land, Infrastructure and Transport (MOLIT) must do its job well, supply policies must be well designed, and for the Ministry of Finance and Economy, taxes are, in any case, the very last resort."
He then told the cabinet members, "What is clear is that taxes are like a nuclear weapon. In terms of war, they must not be used carelessly. Nevertheless, as a last resort, if we absolutely must use them, then we have to use them."

cjk@fnnews.com Reporter Choi Jong-geun Reporter