Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

South Korea Assembly Considers Bill to Amend Real Estate Tax Base Thresholds

May 25, 2022, 5:00 AM

The South Korean National Assembly May 20 accepted for consideration Bill No. 2115679, to amend the real estate tax base thresholds. The bill includes measures to establish that the obligation to pay taxes arises if the total published price of housing located in South Korea exceeds: 1) 1.1 billion South Korean won (US$871,549) for an individual owning a single or multiple houses; 2) 600 million won (US$475,421) for an individual jointly owning a house; and 3) 300 million won (US$237,700) for an entity owning a house. The bill also includes measures to abolish the existing tax base calculation method. [South ...