President Lee emphasizes the need to normalize the real estate tax system

President Lee Jaemyung said at the Cabinet meeting on the 14th that the purpose of the real estate tax reform is not to directly suppress housing prices, but to correct tax fairness. President Lee explained that the tax system in the housing sector is excessively distorted, and that restoring fair taxation is the priority. However, he added that normalizing the tax system could, as a result, have some effect on curbing speculation. At the livestreamed meeting, President Lee also asked for opinions on raising the property holding tax for a single home worth an ultrahigh price. He also continued the discussion by asking viewers whether additional holding burdens should be imposed on highpriced homes even if they are a single home used as a primary residence.