Korea Rules Out Tax Break Extension on Owners of Multiple Homes

South Korean government is not considering extending an exemption of heavier capital gains tax for owners of multiple homes, President Lee Jae Myung says on his X account.

• The temporary tax exemption was introduced in May 2022 under the previous government and has been extended annually
• Without an extension, owners of multiple homes will need to sell properties before the exemption expires in May to avoid a heavier tax burden
• President Lee also hints at revising tax for homeowners who have held property for a long period of time
  • Even for a single-home owner, if the property is effectively held ...