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Maximum capital gains tax rate raised to 75% for real estate speculators in S. Korea Updated: 2021-06-01 09:57:46 KST

The highest capital gains tax bracket on people flipping houses and apartments for profit has been hiked to 75 percent in South Korea.
The government says people that sell on a property within a year of buying it will have to pay 70 percent tax from Tuesday.
That's up from 40 percent.
For people with multiple properties, it can hit 75 percent.
A special committee is expected to finalize the rates by the end of the month.
It means South Korea will likely bring in more tax revenue, which could finance another supplementary budget in the second half of 2021.
KOGL : Korea Open Government License
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