South Korea Assembly Considers Bill to Partially Amend Comprehensive Real Estate Tax Act

The South Korean National Assembly Sept. 4 accepted for consideration Bill No. 2212697, to partially amend the Comprehensive Real Estate Tax Act. The bill includes measures to: 1) reduce to a total assessed value exceeding 300 million South Korean won (US$216,385), from 500 million won (US$360,642), the general aggregate price threshold for land; 2) reduce to a taxable value exceeding 4 billion won (US$2.8 million), from 8 billion won (US$5.7 million), the separate aggregate price threshold for land; 3) reduce the basic deduction in calculating the tax base accordingly; and 4) modify brackets for the general aggregate price with rates ...