## Korea News Summary: **Local Tax Reform Bill, Strengthening Housing Support and Promoting Regional Balanced Development** * **Expansion of Youth Housing Purchase Support:** The benefit of lifetime first acquisition tax reduction has been expanded to officetels, and additional reduction benefits are provided when purchasing small houses/officetels. * **Strengthening Support for Public Housing Projects:** Benefits of acquisition tax and property tax reduction for public housing project operators have been expanded to enable quick housing supply to the middle class and common people. * **Support for Social Solidarity Economy Organizations:** Acquisition tax and property tax reduction benefits are newly established for social enterprises, cooperatives, etc., to support organizations that contribute to regional community development. * **Strengthening Support for Regional Balanced Development:** Tax benefits for depopulated areas have been expanded to promote regional economic revitalization. **Other Key Contents:** * The local education tax portion of the tobacco consumption tax will be converted to the local housing welfare tax. * Measures have been prepared to rationalize real estate taxes and enhance tax fairness.
