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 occupancy. 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, stabilise prices and favour "genuine homebuyers". The plan also proposes broader tax reform to foster new growth drivers, promote

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 occupancy. 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, stabilise prices and favour "genuine homebuyers". The plan also proposes broader tax reform to foster new growth drivers, promote regional balance and aid low- and middle-income households.