South Korea Drops Property Tax Plan
South Korea dropped a plan to tighten tax rules on non-resident homeowners after facing public criticism. The final tax revision keeps the single-home deduction at 1.2 billion won.
South Korea dropped a plan to tighten property tax rules for single-home owners on Tuesday, reversing a proposal made on August 3. The abrupt policy reversal comes roughly a month after initial tax changes aimed at curbing a hot housing market sparked widespread public criticism. The retreat preserves existing tax exemptions for property owners amid political pressure to ease housing market burdens.
