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REAL ESTATE TAX BREAKS TO BE EXTENDED BY SOUTH KOREAN GOVT.
SEOUL, June 8 Asia Pulse - The government will extend tax breaks designed to facilitate real estate transactions to help bolster South Korea's domestic economy, which has been hurt by a worldwide slump.
The Ministry of Strategy and Finance and Ministry of Public Administration and Security said the 50 per cent cut on acquisition and registration taxes for properties will be maintained for at least one year after the original Dec. 31 deadline.
Starting in Sept. 2006, Seoul lowered acquisition and registration taxes from 4 per cent of the sales price to 2 per cent to counter a sharp drop in real estate deals.
The real estate and construction sectors play a significant role in the overall health of the economy and the job market.
"A revision to related laws will be forwarded to the National Assembly this month," a public administration official said.
He added that policymakers were currently in agreement that tax cuts should be extended for one year, with ...
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Source: HighBeam Research, REAL ESTATE TAX BREAKS TO BE EXTENDED BY SOUTH KOREAN GOVT.