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S. Korea: Rival Parties, Gov't Discuss Follow-up Measures to Real Estate Policies
Source: http://world.kbs.co.kr
Source Date: Monday, April 15, 2013
Focus: Citizen Engagement, Internet Governance
Country: Korea (Republic of)
Created: Apr 16, 2013

The ruling Saenuri Party, main opposition Democratic United Party and the government have discussed follow-up measures to real estate policies that the government unveiled earlier on April first.

The rival parties and the government agreed on the need to do away with floor space standards for homes to qualify for tax breaks from capital gains and acquisition taxes.

Among those who attended Monday’s discussions were Saenuri Party’s chief policymaker Na Seong-lin, DUP’s chief policymaker Byun Jae-il, Finance Minister Hyun Oh-seok and Land, Infrastructure and Transport Minister Suh Seoung-hwan.

But the participants agreed that in the event the government decides to lower the 900 million won ceiling for the acquisition tax break to homes worth more than 600 million won, they would hold further discussions on whether to get rid of the floor space standards.

Earlier on April first when the government unveiled its real estate policies, the government said it would reduce the capital gains tax and the acquisition tax for homes whose total floor area is below 85 square meters.

The rival camps and the government will convene another discussion on the real estate policies on Tuesday and will finalize the follow-up steps.

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