Ministry of Materials, 21 Tax Law Enforcement Decrees Amendments Prepared
In accordance with the Private Rental Housing Act, construction rental housing business owners apply the general progressive tax rate of the jong tax tax
One house owner in the joint name of the couple, if the share ratio is the same, you must select and apply for a taxpayer
Comprehensive Real Estate Tax Corporations to which the general progressive tax rate is applied include public housing business operators, public interest corporations, construction rental housing business operators, reconstruction and redevelopment project operators, and housing associations.
The total real estate tax exemption value standard for construction rental housing is raised to 900 million won.
The Ministry of Strategy and Finance announced on the 6th that it has prepared 21 subsequent enforcement ordinances, including the Enforcement Decree of the Income Tax Act, to regulate matters entrusted by the revised tax law that passed the National Assembly in December last year.
According to the amendment, the land attached to the land rental unit will be added to the summation and exclusion of the tax. Corporations owning houses subject to a single highest tax rate do not apply a deduction of KRW 600 million when calculating the property tax deduction.
In addition, a single highest tax rate is applied to corporations with housing, but public housing business operators prescribed by the Special Public Housing Act, reconstruction and redevelopment project implementers and housing associations prescribed by the Housing Act and Urban Improvement Act, public interest corporations prescribed by the Inheritance and Gift Tax Act, and construction under the Private Rental Housing Act. Rental housing business owners apply the general progressive tax rate.
In the case of a single homeowner under the joint name of a couple, the taxpayer is a person with a large share of the couple, and if the share is the same, they can select and apply. If there are no changes after the initial application, the application continues without additional application. The tax credit is applied based on the taxpayer’s housing retention period and age.
The revised draft of the enforcement decree is scheduled to be promulgated and implemented in the next month through procedures such as a legislative notice, vice ministers meeting, and state council meeting by the 21st of this month.