The government of South Korea has decided that the tax cut on home purchases will become effective from 28 August 2013. The tax cut was previously scheduled to come into effect from 1 January 2014.
The government has proposed to permanently reduce the tax rate on homes with values less than KRW600m (USD565,000) from 2% to 1%. The tax rate on homes with values between KRW600m and KRW900m is kept unchanged and the tax on homes with values over KRW900m is reduced to 3% from the current 4%.
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