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Korea To Hike Taxes To Cool Property Bubble

by Mary Swire, Tax-News.com, Hong Kong

15 August 2017


South Korea is to hike the capital gains tax rate paid by those acquiring more than one property.

South Korea's Minister for Land, Infrastructure, and Transport, Kim Hyun Mee, said capital gains tax rates would rise from the current levels of between six percent and 40 percent to between 16 percent and 50 percent from April 1, 2018. Tax hikes would be focused on transactions in those areas where the cost of property has risen substantially. Investors or landlords with more than two properties may see tax hikes twice as great.

The proposals are the third attempt in the past 12 months to cool South Korea's property market.

TAGS: tax | investment | speculation | tax rates | Korea, South

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