The purpose of this study is to review an overview of the current tax system for real estate and provide the directions for developing tax system for real estate in Korea.
The taxation of acquisition of real estate are Acquisition Tax, Registration T...
The purpose of this study is to review an overview of the current tax system for real estate and provide the directions for developing tax system for real estate in Korea.
The taxation of acquisition of real estate are Acquisition Tax, Registration Tax, Inheritance Tax and Gift Tax, Value Added Tax, Stamp Tax and License Tax. The taxation of holding real estate are Property Tax, Aggregate Land Tax, Urban Planning Tax, Community Facility Tax, Income Tax, Corporation Tax, Value Added Tax, Farmland Tax, Asset Revaluation Tax, Business Place Tax, and Inhabitant Tax. And the taxation of selling real estate are Income Tax, Corporation Tax, Value Added Tax, Stamp Tax, Inhabitant Tax and Special Tax for Rural Development.
The goals of developing tax system for real estate are to enhance economic justice and facilitate the sound development of the national economy.
The property tax system will be renewed by reinforcing taxation on real estate holdings. This includes; a progressive aggregate land tax consolidating the property tax on land; a ceiling on ownership of residential land. In addition the scope of tax preferences on capital gains from real estate transfers will be sharply narrowed. In an effort to broaden tax bases, the government also curtailed tax exemptions and reductions.