[Anchor]
It is Monday, and we have reporter Han Jiyeon with us for "Friendly Economy." Han, has the government released the results of its own comprehensive real estate holding tax (comprehensive real estate tax) simulation?
[Reporter]
Yes. It is estimated that if the government's proposal is finalized, the comprehensive real estate tax for a non-resident single homeowner with a publicly announced property value of 3 billion won will increase by approximately 4.29 million won next year.
Many people with a single home might have thought that the comprehensive real estate tax does not concern them.
However, the core of this reform is that even if you own a single home, the tax deduction will vary depending on whether you actually live in it or not.
In the initial proposal unveiled by the government on August 3, the deduction for actual residents was to be raised from 1.2 billion won to 1.4 billion won, while the deduction for non-residents was to be lowered from 1.2 billion won to 900 million won.
Amid growing backlash, on September 1, the government decided to keep the non-resident deduction at 1.2 billion won instead of lowering it to 900 million won, while keeping the actual resident deduction at 1.4 billion won.
Then yesterday, in data submitted by the Ministry of Economy and Finance to the National Assembly, specific estimates were released regarding how much the comprehensive real estate tax for non-residents would increase if this plan is implemented.
For a home with a publicly announced value of 1.5 billion won and a market value of around 2.2 billion won, the tax will rise from 691,000 won to 806,000 won. For a home with a publicly announced value of 2 billion won and a market value of about 2.9 billion won, it will increase from 2.275 million won to 2.774 million won.
For a home with a publicly announced value of 3 billion won and a market value of about 4.3 billion won, homeowners will have to pay about 4.29 million won more next year, with the tax jumping from 7.747 million won to 12.038 million won.
You might wonder why taxes are going up even though the deduction remains unchanged at 1.2 billion won.
This is because the fair market value ratio used to calculate the comprehensive real estate tax—the percentage of the publicly announced price to which actual taxes are applied—will rise from 60% to 70%, alongside increases in tax rates for certain brackets.
Since these amounts are calculated before applying tax credits and the upper limit on tax burdens, the actual taxes may vary.
[Anchor]
There are quite a few cases where exceptions to the actual residency principle are recognized, but does this mean that is not the case for nominee Lee Hyung-il?
[Reporter]
Yes. Nominee Lee has actually resided for only four months in a Gwacheon apartment that he has owned for 17 years.
The Ministry of Economy and Finance stated that the remaining period is difficult to recognize as actual residency.
Nominee Lee purchased the Gwacheon apartment in February 2009 and owned it for 17 years.
Based on transfer registrations, his actual residency period amounted to only four months.
This apartment has currently been demolished for reconstruction.
The Ministry of Economy and Finance explained that there were circumstances where the nominee's family had to move around due to the ministry's relocation to Sejong City.
When asked whether the principle of imposing higher taxes on non-residents could also be applied to the nominee himself, the Ministry answered that under the government's proposal, it would be difficult to have the non-resident period recognized as a residency period.
However, the ministry drew the line by stating that it is difficult to conclude the property was held for speculative purposes solely based on the fact that he did not live there for long.
The confirmation hearing for nominee Lee will be held tomorrow.
[Anchor]
What is the final topic?
[Reporter]
Yes. Financial authorities are looking into a new service that allows users to purchase domestic gift certificates using coins issued overseas, suspecting that it could be exploited for money laundering.
According to data submitted to the National Assembly, a service was identified that allows people to buy Daiso or Olive Young gift certificates using coins issued abroad.
The coins in question this time are stablecoins.
These are virtual assets designed to reduce price volatility by pegging their value 1-to-1 to fiat currencies such as the South Korean won or Japanese yen.
In fact, it was possible to purchase Olive Young and Daiso gift certificates using a coin named KRWQ, which is pegged to the Korean won.
This service is currently suspended.
However, another service was identified that allows users to purchase domestic gift certificates using JPYC, another coin pegged to the Japanese yen.
What the financial authorities take issue with is precisely the structure of these services.
They point out that the service can be exploited for money laundering because users can acquire coins without customer verification procedures and easily purchase or transfer easily cashing-out gift certificates.
Consequently, the Financial Intelligence Unit (FIU) under the Financial Services Commission, together with the Financial Supervisory Service, is examining the service structures, utilization routes, and the current status of operators, while warning that overseas entities operating targeting domestic users are also subject to the Act on Reporting and Using Specified Financial Transaction Information.
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