Kim: The government is imposing more taxes for multiple home owners. — AP
SEOUL: South Korea laid out plans to impose tougher taxes on property ownership to rein in owners of expensive homes blamed for stoking a speculative housing bubble in the main regions across the nation.
The proposed 0.5% to 2% ownership tax that would kick in on properties valued over 600 million won (US$534,506.87) will be raised to 0.5% to 3.2%, a government statement showed.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
