Minseok Kim: "We Must Broadly Recognize Legitimate Reasons for Non-Residency by Single-Homeowners"

First High-Level Party-Government Consultative Meeting Since Minseok Kim Assumed Party Leadership

Minseok Kim, leader of the Democratic Party of Korea, has emphasized the need for supplementary measures regarding the government’s tax reform plan, particularly concerning non-resident single-homeowners.

Yonhap News Agency

At the high-level party-government consultative meeting held on August 23 at the Seoul residence of the Prime Minister in Samcheong-dong, Seoul, Kim stated, "For non-resident single-homeowners, we must broadly recognize the diverse and inevitable reasons for non-residency in real life to ensure that there are no blind spots."

He further explained, "Even while maintaining the current system for the comprehensive real estate holding tax, tax burdens for non-residents naturally increase as officially assessed property values rise," adding, "There needs to be in-depth deliberation on the proposed tax reform to reduce the basic exemption on the comprehensive real estate holding tax for non-resident single-homeowners from 1.2 billion won to 900 million won and to increase the cap on the holding tax burden to 200%."

He also stated that a review is necessary regarding the plan to convert the long-term holding special deduction under the capital gains tax into a long-term residence income deduction. Regarding this, Kim commented, "While prioritizing actual occupancy in housing market policy has positive aspects, we need to scrutinize in detail whether such institutional changes could have negative ripple effects on the rental and lease market."

He stressed, "The core of housing stability is above all in expanding supply," and added, "We must mobilize every possible means and method to secure land and expand real estate supply on all fronts." He also pledged, "As the ruling party, we will take legislative responsibility by shortening permit and approval procedures and abolishing various regulations to swiftly increase housing supply."

Kim also emphasized the need for closer cooperation between the ruling party, government, and the presidential office. He said, "Based on the Constitution, our political and social experience, and the Democratic Party’s articles and bylaws, we will further deepen and strengthen the party-government-presidential office relationship, and if necessary, improve the system for even closer coordination."

He also referred to attending the consultative meeting in his capacity as the immediate past prime minister, stressing, "While the direction remains the same—the success of the Lee Jae-myung government through unity of party, government, and the presidential office—I will strive to play a role that fits the circumstances, as the old saying goes, 'A gentleman must change with his position.'"

This high-level party-government consultative meeting was the first held since Kim was elected as party leader on August 17.

This content was produced with the assistance of AI translation services.