July 10, 2020 / 2:57 AM / a month ago

S.Korea to raise real estate tax rate on multiple home-owners by up to 6% per year - finmin

SEOUL, July 10 (Reuters) - South Korea’s finance ministry said on Friday the government will raise the real estate tax rate on multiple home-owners to as much as 6% per year.

The ministry said in a statement it would also raise capital gains tax rates by up to 70% for those selling homes after owning them for less than a year, and will impose up to 30 percentage points more on top of the basic tax rate on multiple home-owners. (Reporting by Cynthia Kim, Joori Roh; Editing by Jacqueline Wong)

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