President Lee: "Giving Unlimited Tax Exemption Opportunities for Single-Home Owners Is Problematic"

Regarding arguments to restrict capital gains tax exemption benefits for single-home owners, President Lee Jae-myung stated today (the 23rd), "It seems somewhat problematic to provide opportunities for tax exemptions indefinitely."

Presiding over a national public debate on real estate policy at the KBS Annex in Yeouido, Seoul, President Lee responded that a suggestion by Lee Kwang-soo, CEO of the YouTube channel "Kwangsoo's Real Estate," to limit capital gains tax exemptions for single-home owners to once in a lifetime was "a very valid point."

President Lee responded positively, saying, "I am not sure if we should limit capital gains tax exemptions to once in a lifetime, but limiting the number of times or providing a large reduction the first time and a slightly smaller reduction the second time seems like a very good idea," adding, "It would be worth considering."

He continued, "We could also limit it by a total amount," and noted, "It is a valid point to question whether we should provide the exact same tax exemptions to those who repeatedly buy and sell expensive homes over and over again."

President Lee urged, "Although it may be difficult, it is important for policy authorities to use a 'tweezers-like' approach to precisely plug any loopholes and ensure that no gaps are created where unfair profits can be made," adding, "To do that, they will need to work quite a bit harder."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.