National Assembly eases capital gains tax for single-home owners, delays virtual asset taxation
Updated: 2021-12-03 05:35:07 KST
The National Assembly will revise South Korea's Income Tax Act and exempt more people who own one house from capital gain taxes.
Originally, single-home owners who had a property worth 900 million won, or around 764 thousand U.S. dollars, were subject to tax.
But, lawmakers raised the cap to 1.2 billion won in consideration of the growing tax burden on single home owners due to inflation and house price hikes.
They also decided to delay the government's plan to tax people with capital gains from virtual assets above 2.5 million won from 2022 to 2023.