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

[SEOUL] 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 cent per year.

The ministry said in a statement it would also raise capital gains tax rates by up to 70 per cent 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.

REUTERS