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Amount of S. Korea's gross real estate tax notified for 2021 hits record high
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오늘 종부세 고지서 발송...정부, "98%는 안 받는다"
People or businesses with large real estate assets get their comprehensive real estate holding tax bill.
The amount notified hit a record high, and three times as many people will be subject to the tax despite the government raising the tax threshold.... as home prices spiked in the past months.
Eum Ji-young provides a glimpse of what to expect.
With soaring real estate prices in South Korea,... the amount of comprehensive real estate holding tax could reach an all-time high figure.
People or businesses with large real estate assets are being notified of their tax bill starting on Monday
The Ministry of Economy and Finance announced that the gross real estate tax that they're sending out bills for this year comes to around 4-point-8 billion U.S. dollars.
This is triple the amount from last year,... which was about one-point-five billion dollars.
Also the number of people subject to comprehensive tax for holding real estate rose dramatically.
Around 950-thousand people were notified that they would have to pay gross real estate tax for this year,... up 42 percent compared to last year.
However, the Ministry of Finance said that 98 percent of taxpayers are not subject to the tax,... adding that multiple homeowners will pay a large part of the total.
Multiple homeowners and corporations account for around 90 percent of the amount of tax notified.
"With reinforcing tax measures to stabilize property market, the amount of tax for those who own more than 3 houses has increased. With many relief measures, the burden for single home owners is not that big."
It is the first bill since the government proposed raising the threshold for property tax in August to ease the burden on single homeowners.
The government raised the bar for paying the tax... from owning about 750-thousand dollars of property to a little over 900-thousand dollars based on the government's price calculations.
But with home prices in South Korea,... especially in Seoul,... having risen dramatically in the past months,... many more single homeowners still fall above this new threshold.
About 132-thousand single homeowners have to pay a total of roughly 168 million dollars.
Eum Ji-young Arirang News.
#SouthKorea #tax #government
2021-11-22, 17:00 (KST)
People or businesses with large real estate assets get their comprehensive real estate holding tax bill.
The amount notified hit a record high, and three times as many people will be subject to the tax despite the government raising the tax threshold.... as home prices spiked in the past months.
Eum Ji-young provides a glimpse of what to expect.
With soaring real estate prices in South Korea,... the amount of comprehensive real estate holding tax could reach an all-time high figure.
People or businesses with large real estate assets are being notified of their tax bill starting on Monday
The Ministry of Economy and Finance announced that the gross real estate tax that they're sending out bills for this year comes to around 4-point-8 billion U.S. dollars.
This is triple the amount from last year,... which was about one-point-five billion dollars.
Also the number of people subject to comprehensive tax for holding real estate rose dramatically.
Around 950-thousand people were notified that they would have to pay gross real estate tax for this year,... up 42 percent compared to last year.
However, the Ministry of Finance said that 98 percent of taxpayers are not subject to the tax,... adding that multiple homeowners will pay a large part of the total.
Multiple homeowners and corporations account for around 90 percent of the amount of tax notified.
"With reinforcing tax measures to stabilize property market, the amount of tax for those who own more than 3 houses has increased. With many relief measures, the burden for single home owners is not that big."
It is the first bill since the government proposed raising the threshold for property tax in August to ease the burden on single homeowners.
The government raised the bar for paying the tax... from owning about 750-thousand dollars of property to a little over 900-thousand dollars based on the government's price calculations.
But with home prices in South Korea,... especially in Seoul,... having risen dramatically in the past months,... many more single homeowners still fall above this new threshold.
About 132-thousand single homeowners have to pay a total of roughly 168 million dollars.
Eum Ji-young Arirang News.
#SouthKorea #tax #government
2021-11-22, 17:00 (KST)
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