2024-07-27 01:27:08
[2024년 세법 개정안]
Interpretation of “Suspended Comprehensive Real Estate Tax Due to Rising Housing Prices in Seoul”
Tax revenues will decrease by over 18 trillion won over the next five years due to the tax law revision this year, including the inheritance tax rate cut. As tax revenue deficits are certain to continue this year, following last year, there are concerns that the government’s continued tax cut drive could further increase the financial burden.
According to the tax law revision announced by the Ministry of Strategy and Finance on the 25th, the total tax revenue that will decrease from 2025 to 2029 due to this tax law revision is estimated to be 18.4 trillion won. In particular, the inheritance and gift tax revenue that will decrease over the five years will decrease by 18.6 trillion won, which is a larger decrease than the overall tax revenue decrease. The inheritance and gift tax revenue is expected to decrease by 4 trillion won every year starting in 2026.
Since the inauguration of the Yoon Seok-yeol government, voices of concern about fiscal soundness have been growing as tax cuts through tax law revisions have continued every year. Professor Ha Jun-kyung of Hanyang University’s Department of Economics pointed out, “This government has been consistently proposing tax cuts, but they have not had a significant effect on stimulating domestic demand and the economy.” He added, “Since the government has always emphasized fiscal soundness, it needs to be cautious about tax cuts.”
Meanwhile, the government has postponed the ‘comprehensive real estate tax (comprehensive real estate tax) reform’, which was one of the key issues in this year’s tax law revision. Initially, the government announced that it would reform the comprehensive real estate tax during the first preliminary briefing on the 19th, briefly explaining the direction of the tax law revision bill. However, the final tax law revision bill released on the 22nd did not include the comprehensive real estate tax reform plan.
Regarding this, some inside and outside the government interpret it as a concern that easing the comprehensive real estate tax, amid the recent surge in housing prices in Seoul, could further fuel the rise in real estate prices. Jeong Jeong-hoon, director of the Ministry of Strategy and Finance’s Tax Policy Bureau, explained, “In terms of how to handle the comprehensive real estate tax, we needed to look at it more comprehensively than through short-term revisions, considering the various aspects that have been discussed so far.”
Sejong = Reporter Sosulhee [email protected]
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2024-07-27 01:27:08