Ruling party to accept real estate tax cut

SEOUL, Sept. 29 (Yonhap) -- South Korea's ruling party is to accept a
government-led plan to ease the tax burden on high-end homeowners, officials said Monday, despite lingering criticism that the plan will only benefit the rich.

The issue of raising the threshold for the so-called comprehensive real estate
tax by up to 300 million won (US$250,000) has become the latest bone of
contention here, with critics saying the plan will end up increasing the income
gap.
By raising the tax bar from homes valued at 600 million won to those priced at
900 million won apiece, nearly 200,000 households, mostly in the country's
affluent southern Seoul districts, will be exempted from the revised law. The
current taxes on high-value real estate holdings are paid in addition to regular
property taxes.
hayney@yna.co.kr
(END)