Cheong Wa Dae to Review Improvements to Holding and Transaction Taxes... President Lee to Attend Real Estate Forum on the 23rd

[Financial News] Cheong Wa Dae said on the 10th that it is reviewing reasonable ways to improve the overall tax system for real estate, including holding taxes and transaction taxes. The government plans to hold a public forum on supply, finance and taxation, then convene the National Grand Forum on Real Estate Policy on the 23rd, with President Lee Jae Myung attending in person, to discuss the policy direction.
At a briefing at the Chunchugwan Press Center at the Blue House on the day, Kim Yong-bum, Chief Presidential Secretary for Policy, said public concern over the real estate market has been growing. "Housing is a matter that is most directly tied to people's lives," he said. "The burden and anxiety over home prices, rents, loans and buying a home are difficulties many people feel in their daily lives. The government is taking the market situation seriously and is reviewing policies with housing stability for the public as its top priority."
He added, "The government has pursued policies under the principles of expanding supply and stabilizing the market. Supply plans are being carried out without disruption, and we are also taking necessary market-stabilization measures in response to overheating concerns in some areas, such as the recent designation of Dongtan, Giheung and Guri as land transaction permit zones."
He also noted, "We are reviewing reasonable improvement measures for the overall tax system, including holding taxes and transaction taxes, based on research studies and overseas cases."
Kim said, "The government does not believe real estate policy can be completed by the government's judgment alone. Market conditions keep changing, and the difficulties felt by the public are also diverse." He added, "There will also be voices from the field that the government has not fully examined. What is needed now is not for the government to present a one-sided answer, but for the public and experts to work together to create solutions," and said the government would hold public forums.
From the 14th to the 16th, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission and the Ministry of Economy and Finance will each hold public forums on supply, finance and taxation, respectively. The government plans to hear opinions from experts and the public at those events. Then, on the 23rd, it will hold a grand forum attended directly by President Lee Jae Myung to discuss the various views raised so far and seek policy direction.
Kim emphasized, "We will also listen broadly to the views of people who cannot attend the forum." He added, "We will make the online opinion-gathering channel open to anyone, regardless of time or location, so that people can freely submit their views. The opinions received will be thoroughly reviewed and faithfully reflected in the forum discussions and policy review process."
He also said, "We will not assume that the government already knows all the answers. We will listen more closely to voices from the field and actively accept better alternatives." He added, "I ask for your interest and participation so that this forum can become an opportunity to faithfully reflect the public's diverse opinions in policy."
The real estate tax system, including holding taxes and transaction taxes, is expected to be finalized after the forum, as early as the end of July and no later than early August. Kim stressed, "We are not going into this with a predetermined conclusion. We will listen, hear out the views and deliberate carefully."
Kim said, "There is a deadline for announcing the 2026 tax revision plan." He added, "There is a legislative notice period, and the tax revision plan must be announced no later than early August." He explained, "I believe there is enough time to reflect the forum's opinions in the final decision."
[email protected] Choi Jong-geun Reporter