The government has decided to reduce tax and financial incentives for property rent businesses, which were offered around one year ago to encourage those with multiple houses to register as a housing rental business operator.
Land, Infrastructure, and Transport Minister Kim Hyun-mi held a press conference Friday around the government buildings in Sejong City. She addressed that rental businesses received too much of tax benefits, promising to adjust the policy. The minister also pointed out that the measure was criticized at the National Assembly as “exclusive tax cuts for the rich” or “too big a present for speculators.”
Through the housing policy package, which was addressed on Aug. 2 last year, the government emphasized the need for registration of multiple-house owners as a rental business. Following the measure, it announced a comprehensive tax policy package to encourage registration of housing rental businesses. Once registered, one is subject to transfer income tax cuts, and exempt from aggravated taxes on multiple houses and gross real estate taxes.
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