Lee Hyeong-il, nominee for Deputy Prime Minister, hints at possible acceptance of parliamentary criticism over real estate tax reform

Lee Hyoungil, nominee for Deputy Prime Minister and Minister of Economy and Finance, said that he can accept reasonable comments from the National Assembly regarding real estate tax reform. At a press briefing at the Government Sejong Complex on the 2nd, he said that while maintaining the housingcentered policy stance, he would review any necessary adjustments during the parliamentary deliberation process. The nominee explained that he decided to maintain the current level because market concerns were greater than the plan to lower the basic deduction amount for the comprehensive real estate holding tax for nonresident singlehome owners. With the government approving a related amendment the previous day, he also stated that the principle of tax benefits for actual occupants would remain in place. He also identified price stability as the top priority in economic policy and said he would concentrate policy capabilities on expanding housing supply. He mentioned the creation of an economic issues meeting to coordinate pending matters among ministries, as well as measures to prevent stock price suppression through improvements to the capital market system.