Non-resident single-home comprehensive real estate tax deduction of 1.2 billion won maintained... tax burden cap also remains unchanged
For non-resident one-household, one-home taxpayers, the comprehensive real estate tax standard and the basic deduction of 1.2 billion won will be maintained The tax burden cap of 150% has also been kept. Quickly check the key points of the revised bill
The government has partially revised its tax reform plan, which had sought to increase the comprehensive real estate tax burden on nonresident singlehomeowners. The basic deduction for nonresident singlehomeowners has reverted from 900 million won to the current 1.2 billion won, and the tax burden cap has also been kept at 150%.
On the 1st, the government finalized 11 tax law revision bills, including amendments to the Comprehensive Real Estate Tax Act and the Income Tax Act, at a Cabinet meeting. This revision reflects opinions raised during the legislative notice process and discussions between the ruling party and the government, and the view that the same standards should be applied to both residents and nonresidents appears to have had an impact.
Other taxrelated items were also adjusted in part. For ISAs, annual contribution carryover and indefinite contract maintenance have become possible, and duplicate subscriptions to Youth ISA and Youth Future Savings are also allowed. However, the improvement plan for the valuation method of listed stocks was not concluded in this finalized proposal and will be discussed again during the National Assembly review process.