The Minister of Land, Infrastructure and Transport said that he would implement tax revision plans in stages to mitigate market shocks caused by the conversion of non-resident homeowners to actual residents, and focus on increasing supply. The goal of the tax revision is to create a housing market centered on actual residence, normalize real estate taxes, and enhance tax fairness. He evaluated the revision of the long-term holding special deduction as a tax policy that strengthens the tax burden on excessive profits. In order to expand housing supply in the metropolitan area, he plans to promote various measures such as shortening the licensing period for private redevelopment projects, accelerating the commencement of new cities, and releasing green belts. He will also work hard to revitalize non-apartment complexes to solve the problem of monthly rent.
