The government’s tax collection increased during the first seven months of the year as continuing economic recovery and rising real estate prices pushed up spending.
The National Assembly passed a bill revising the comprehensive real estate tax on Tuesday. Under the bill, single apartment owners will be taxed on apartments with assessed values exceeding 1.1 billion won ($943,000) instead of 900 million won
Government coffers are overflowing as the property and stock markets boom.
Tax collections in the first half totaled 181.7 trillion won, a 36.9 percent increase on year.
Latest tax reform proposals aim to support people that have been most affected by the Covid-19 pandemic including small- and medium-sized enterprises as well as small businesses forced to close due to the pandemic.
Public broadcaster KBS pushing for a hike in TV subscription fees has come under fire for reckless management. Opposition People Power Party (PPP) floor leader Kim Gi-hyeon said public annoyance is escalating due to KBS’s plan to...
Tax collections jumped more than 37 percent in the first five months of the year thanks to twin booms in the stock market and real estate market.
The National Tax Service on Wednesday said it is currently auditing 46 such cases. Common elements in the cases include digital technologies and accounts in countries known for financial secrecy such as Switzerland.
Korea has signed on to the global tax plan designed to rein in the tech companies and get them to pay their fair share. It is also trying to make sure its major companies don’t get caught up in the rush to tax.
The road map on real estate policy from the ruling Democratic Party (DP) has gone astray. After it proposed to levy the comprehensive real estate tax on the “top 2 percent” of the property-rich, it came up with another...