The Ministry of Economy and Finance said Monday the government will cut tax
concessions for high-value residences and sharply raise taxes on
non-owner-occupied high-priced homes to create a fairer system based on
ownership and occupation. The moves are part of the ministry's 2026 tax reform
proposal and support SOUTH KOREA'S LEE's drive to normalize the housing market,
stabilize prices and favor "genuine homebuyers". The plan also proposes broader
tax reform to foster new growth drivers, promote regional balance and aid low-
and middle-income households.
